U.S. stocks close higher for third day as oil falls

Date: Thu, 29 May 2008 17:04:34 -0400

U.S. stocks close higher for third day as oil falls

U.S. stocks climb for a third consecutive day, with financials leading
the surge, as MasterCard Inc. predicted robust revenue growth and Bear
Stearns Cos. shareholders approved a $2.2 billion buyout of the
investment bank.

Mortgages: Long-term, fixed-rate mortgages jump, ARMs hold steady

Longer-term, fixed-rate mortgages jumped this week to their highest
level in 11 weeks but shorter-term, adjustable loans held steady or
fell, according to Freddie Mac's weekly rate survey released Thursday.

Economic Report: First-quarter GDP revised higher as expected, to 0.9%
growth

The U.S. economy grows 0.9% in the first quarter, a sluggish pace
reflecting the biggest slump in housing in 26 years and the first
decline in final domestic sales in 17 years.

Overseas sales and bulk-buying trends fuel Costco's quarter

Costco, the largest U.S. warehouse retailer, posts third-quarter
earnings rise as international sales and bulk-shopping trends make it a
winner.

Special Report: Olympic visitors need not be too wary of exchanging
yuan

Visitors to the Olympics who are worried about changing their dollars
into yuan after hearing about China's tightly-controlled foreign
exchange system are likely to be pleasantly surprised.