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Stocks mostly rise on Wall Street, led by banks

Wednesday - 12/5/2012, 2:00pm  ET

NEW YORK (AP) -- Stocks are mostly higher on Wall Street, led by banks and energy companies.

The Dow Jones industrial average was up 94 points at 13,045 shortly before midday Wednesday.

The Standard & Poor's 500 index rose three points to 1,410. The Nasdaq composite slipped 14 points to 2,982, pulled down by a decline in Apple.

Citigroup rose 5 percent after the bank said it would slash 11,000 jobs in a bid to cut costs and become more efficient. The shakeup came two months after Michael Corbat (KOHR-buht) took over as CEO.

Energy stocks rose after mining company Freeport-McMoRan said it would buy two oil companies for about $9 billion.

Internet radio company Pandora plunged 18 percent after predicting a much larger loss in the fourth quarter than analysts had expected.


Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.