Stocks gain some ground
NEW YORK (AP) — Stocks closed with broad gains in the latest session. The Dow gained 178 points, or 1.5 percent, to close at 11,836. The S&P 500 was up 20 points, while the Nasdaq rose 33 points.
For the week so far, the key averages are down between 3.2 to 3.7 percent, after big declines Monday and Tuesday.
Asian stocks fall
BANGKOK (AP) — Asian stock markets fell today for the fourth straight day as a European deal to bail Greece out of its financial mess appeared to be on the verge of unraveling.
Japanese markets were closed for a national holiday.
Greece's prime minister unexpectedly announced Monday that he would call a national vote on the European bailout plan that entails painful tax increases and drastic welfare cuts in exchange for massive aid.
European leaders then drew a line in the sand, saying the referendum will determine whether Greece stays in the 17-nation grouping that uses the euro common currency — and vowing Athens will not get new aid until the result is in.
Crude slips
SINGAPORE (AP) — Oil prices fell to near $91 a barrel today in Asia after Germany's leader said a Greek vote in December on a debt bailout package could lead to Greece leaving the eurozone.
German Chancellor Angela Merkel said Wednesday that a vote likely to be held on December 4 will essentially be about whether Greece will stay in the European currency union. If Greek voters decide to reject the debt bailout package — which includes fiscal austerity measures to help lower debt levels — Greece could face a chaotic bond default that would undermine European banks.
Analysts said oil prices could fall during the weeks leading up to the vote as investors mull the possible impact of Greek rejection of the debt plan.
Reports due on jobless claims, retail sales
WASHINGTON (AP) — A busy day is ahead for economic reports. They include new weekly unemployment claims from the Labor Department, ahead of Friday's monthly report on unemployment.
The Institute for Supply Management releases its service sector index for October, while the Commerce Department has factory orders.
Retailers release their monthly sales numbers for October.
NEW JERSEY BUSINESS NEWS
NEW YORK (AP) — Discount retailer Syms and its subsidiary Filene's Basement have filed for bankruptcy protection and plan to close all 46 of their stores. Secaucus-based Syms acquired Filene's Basement out of bankruptcy protection in the spring of 2009 for $62.4 million, but struggled to turn the chain around.
NEW YORK (AP) — Life insurer and annuity provider Prudential Financial says its third-quarter profit shot up 29 percent, but adjusted earnings fell because of a series of charges, mainly used to bolster reserves. The Newark-based company said net income in its financial-services business rose to $1.51 billion from 1.17 billion in the same period last year.
PARSIPPANY, N.J. (AP) — Avis Budget Group says its third-quarter net income fell 9 percent as it spent money buying Avis Europe PLC and trying to buy Dollar Thrifty. The company earned $82 million during the quarter that ended September 30th. That was down from $90 million a year earlier.
WASHINGTON (AP) — Jobless rates fell in about three-quarters of large U.S. cities in September, but several New Jersey metro areas bucked the trend. The Newark area rate dropped to 8.8 percent and the rate in Camden fell slightly, but Atlantic City's rate jumped to 11.8 percent and Ocean City's figure moved up to 9.0.
