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Stocks rise amid hopeful signs...GM milestone...Facebook flop anniversary

Saturday - 5/18/2013, 2:12pm  ET

NEW YORK (AP) -- On Wall Street, stocks closed higher for a fourth straight week. Indexes are at record levels after surging this year on optimism about the economy and record corporate earnings. The market is also being supported by ongoing stimulus from the Federal Reserve, which is keeping long-term borrowing costs at historically low levels. The Dow Jones industrial average rose 121 points. The S-and-P 500 index rose nearly 16 points.

DETROIT (AP) -- Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.77 before slipping back to close at $33.42, up 3.2 percent. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they've traded below that price since May 4, 2011.

NEW YORK (AP) -- Today marks the one-year anniversary of Facebook's debut on the stock market -- which turned out to be a big flop. Facebook's stock finished its first day of trading just 23 cents higher than its $38 IPO price. It hasn't been that high since. Despite its disappointing stock market performance, the social network has delivered strong financial results. Net income increased 7 percent to $219 million in the most recent quarter, compared with the previous year, and revenue was up 38 percent to $1.46 billion.

NEW YORK (AP) -- Yahoo may be on the verge of closing its biggest acquisition during the 10-month reign of CEO Marissa Mayer as she tries to attract more traffic and advertisers to the Internet company's website and mobile applications. Yahoo's board of directors will meet Sunday evening to consider approving a $1.1 billion acquisition of online content-sharing site Tumblr in a deal Mayer negotiated, according to the technology news site All Things D. If Yahoo's board signs off, the deal could be announced Monday.

LOS ANGELES (AP) -- Sonic the Hedgehog is rolling with Nintendo. Sega says it will exclusively release the next three games starring the popular blue critter on Nintendo platforms. The first title will be called "Sonic Lost World" and is set for release on the Wii U and Nintendo 3DS later this year. The original fast-paced side-scrolling "Sonic the Hedgehog" debuted in 1991. The twirling, ring-hoarding hedgehog became Sega's mascot and a video-game icon rivaling the likes of Mario and Pac-Man.


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