NEW YORK (Reuters) – U.S. stocks edged up on Thursday, erasing early losses as investors brushed off disappointing economic data and bet on a further rally in equities.
The gains came after major indexes hit multi-year highs in the previous session. The enthusiasm in the market had pushed the Nasdaq to a 10-year high, and the Dow is now up 10 percent and the S&P 500 up 8 percent for the year.
Stocks were pressured at the open after a report showed new U.S. claims for unemployment benefits surprisingly rose last week to their highest level since January.
NEW YORK (Reuters) – Wall Street stocks were little changed on Monday near three-year highs after recent strong earnings, although surging oil prices pressured stocks in what was likely to be a low volume day, with major European markets closed.
Of S&P 500 companies that have reported, 75 percent beat analysts' expectations. That is just above the average over the past four quarters but well above the average of 62 percent since 1994, according to Thomson Reuters data.
BEIJING – Jackie Chan, Zhang Ziyi and other top names from the Chinese film industry joined celebrations for the inaugural Beijing International Film Festival.
Others walking the red carpet at the festival's opening ceremony at the National Center for the Performing Arts late Saturday included directors Feng Xiaogang and Peter Chan, kung fu star Sammo Hung, as well as actresses Fan Bingbing and Tang Wei. Foreign guests included "The Lion King" director Rob Minkoff.
Jackie Chan said he hoped "if we combine efforts the Beijing Film Festival will draw global attention in due course."
Fan said industry insiders have been dreaming about an international film festival in the Chinese capital. China's leading international film festival is currently held in the eastern financial center Shanghai.
NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) will return more than $800 million of cash and securities to resolve claims by the trustee for Lehman Brothers Holdings Inc's (LEHMQ.PK) brokerage after the sides agreed how best the assets should be distributed to customers.
James Giddens, the court-appointed trustee for the bankrupt brokerage, called the settlement "a milestone" in his efforts to recover money for the customers.
JPMorgan was the brokerage's "clearing" bank, in which it acts as a go-between in Lehman dealings with other parties and, in that role, held various of its assets, court papers show.
In a filing with the U.S. bankruptcy court in Manhattan, Giddens said the accord "would substantially increase the fund of customer property" available for distribution, "without the uncertainty and delay of litigating disputed claims."
HONG KONG (AFP) – A Hong Kong movie billed as the world's first 3D porn film has broken the city's first-day box office record previously set by Hollywood blockbuster Avatar.
"3-D Sex and Zen: Extreme Ecstasy" notched up HK$2.8 million ($360,000) on its first day last week, outpacing director James Cameron's science fiction epic which drew HK$2.6 million, the porn movie's publicist told AFP on Thursday.
The film has grossed more than HK$15 million since its release, she added.
Curious movie-goers from all walks of life -- office workers, retirees and students -- stood in long queues outside Hong Kong cinemas on the film's first day last week, eager to catch an eyeful of the steamy 3D action.
NEW YORK (Reuters) – U.S. stock index futures slightly pared gains on Thursday after data showed applications for unemployment insurance fell less than expected in the latest week.
S&P 500 futures rose 4.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures gained 37 points and Nasdaq 100 futures added 24 points.
Futures traded higher boosted by strong earnings from bellwethers General Electric (GE.N) and Apple Inc (AAPL.O), among other companies.
NEW YORK (Reuters) – AT&T Inc survived the loss of its exclusive U.S. rights to sell the Apple Inc iPhone.
The No. 2 U.S. mobile service, which is planning to buy T-Mobile USA, managed to eke out a slight increase in subscribers in the first quarter, surprising Wall Street even as some analysts said the growth came at too high a cost.
Its addition of 62,000 net contract customers in the quarter was much weaker than its fourth quarter growth of 400,000 but better than the average expectation for a loss of 83,000 customers from seven analysts polled by Reuters.