The Joplin Globe, Joplin, MO

April 27, 2012

US stocks are closing higher; Amazon surges


From The Associated Press

NEW YORK — Stocks are closing slightly higher as investors weigh news of higher corporate profit against disappointing economic news.

The Dow Jones industrial average rose 24 points to 13,228 at the close Friday. The Standard & Poor’s 500 edged up three points to 1,403. The Nasdaq composite rose 19 points to 3,069.

Amazon jumped 16 percent after the online retailer reported a big increase in shipments.

The government reported U.S. economy grew at annual rate of 2.2 percent, below the 2.5 percent expected.

European stock markets rose as investors shrugged off a second downgrade this year by S&P of Spain’s debt. Spain also reported its unemployment rate rose to nearly 25 percent, its highest in 18 years.

Spain’s IBEX rose 1.7 percent, France’s CAC-40 1.1 percent and Germany’s DAX 0.9 percent.