Stocks closed slightly higher Friday after fluctuating most of the session as some better-than-expected quarterly earnings helped offset anxiety over China’s move to curb inflation.
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Harrah’s Entertainment, the world’s largest casino operator, said it is no longer “pursuing its initial public offering of common stock at this time due to market conditions.”
The casino giant, which had been planning a $532 million IPO, according to…
Pacific Investment Management Co., the manager of the world’s largest bond fund, plans to launch a fund worth at least $1 billion to buy distressed loans from banks.
The fund will buy up past-due debt including commercial and residential mortgage loan…
On Thursday, stocks clawed back nearly of the week’s prior losses. Lifting investors’ spirits were an easing of concerns over Irish debt, GM’s massive IPO and some surprisingly positive economic reports.
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The latest weekly initial claims report showed a small increase, some 2,000 higher to 439,000. The more-telling four-week moving average dropped by 4,000 to 443,000, and continuing claims fell another 48,000 to 4.3 million.
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