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Stocks higher...Oil prices drop... Alibaba reports revenue jump

By The Associated Press | Posted - May 7, 2015 at 3:41 p.m.



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NEW YORK (AP) — Stock prices are closing moderately higher, recovering from a sell-off the day before when Federal Reserve Chair Janet Yellen suggested stock prices might be too high. The Dow Jones industrial average gained 82 points today to close at 17,924. The S&P 500 index rose nearly eight points to 2,088 and the Nasdaq was up 26 points to 4,945.

NEW YORK (AP) — In energy markets, oil is down more than 3 percent today because of gains in the U.S. dollar, which makes oil more expensive for holders of other currencies. U.S. benchmark crude dropped $1.99, or 3.3 percent, to $58.94 a barrel In New York, the biggest drop in U.S. oil since April 8. Brent crude, a benchmark for international oils, fell $2.23 to $65.54 a barrel in London.

NEW YORK (AP) — Chinese e-commerce powerhouse Alibaba Group says its revenue jumped 45 percent to $2.81 billion on strong growth in active buyers and service fees. Analysts expected revenue of $2.54 billion. Net income for the three months ended March 31 fell 49 percent to $463 million, or 18 cents per share, Excluding one-time items, net income totaled 48 cents per share.

BRENHAM, Texas (AP) — Blue Bell Creameries says it'll be at least several months before its products are back in stores as the company works to resume operations after a series of listeria illnesses linked to its ice cream prompted a total product recall. Earlier today, the government released inspection reports showing Blue Bell had evidence of listeria bacteria in its Oklahoma plant as far back as March 2013.

ALBANY, N.Y. (AP) — A ruling from New York's highest court means a bond insurance company's lawsuit against Goldman Sachs can continue. ACA Financial Guaranty Corp. is seeking $120 million in damages. The suit alleges that Goldman Sachs "fraudulently concealed" details about a subprime mortgage-backed investment product that later cost ACA hundreds of millions of dollars.

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The Associated Press

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