Stocks Rise on Lower Spending Data; Cisco Cuts Jobs While Wells Fargo Oversight Eases
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Stocks rose Thursday after data showed consumers reined in spending more than expected in January. The Dow rose 0.9% while the S&P 500 rose 0.6% and Nasdaq ticked up 0.2%.
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Cisco shares fell after announcing plans to cut 5% of its workforce, about 4,250 jobs. Apple and Paramount shares slid after Berkshire Hathaway cut its stakes.
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Wells Fargo shares jumped 7.3% after regulators relaxed oversight, citing progress made since the 2016 fake accounts scandal order.
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Albemarle stock rose on better-than-feared Q4 earnings, though lithium prices remain volatile. The company is cutting costs to boost cash flow.
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Dan Loeb’s Third Point exited its $118M position in Alphabet and slashed its Uber stake by 3.2M shares in Q4.