Stocks mostly rise on Wall Street, led by banks

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Associated Press

Posted on December 5, 2012 at 1:02 PM

Updated Wednesday, Dec 5 at 3:01 PM

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.

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