Stocks climb after economy shrinks less than forecast

Date: Thu, 30 Oct 2008 12:01:21 -0400
Stocks climb after economy shrinks less than forecast

U.S. stocks climb, but remain off session highs, after the government reports

the economy shrank less than forecast and on hopes interest-rate cuts
by central banks around the world will curb the global economic
slowdown.

ECONOMIC REPORT: GDP FALLS 0.3% IN THIRD QUARTER ON DIVE IN SPENDING

The U.S. economy contracted at a 0.3% annualized rate in the third
quarter, as consumer spending declined at the fastest rate in 28
years, the Commerce Department estimates.

EXXON MOBIL'S PROFIT APPROACHES $15 BILLION, SETTING NEW RECORD

Exxon Mobil's third-quarter net income rises 58% to a new record of
nearly $15 billion, but the results are likely to mark a swan song for
groundbreaking profits tied to this past summer's triple-digit prices
for crude oil.

BORROWING COSTS EASE AFTER FED RATE CUT, LIQUIDITY MOVES

Credit-market conditions show further signs of improvement, responding
to the Federal Reserve's decision to slash a key U.S. interest rate to
1% along with central banks' moves to further flood money markets with
dollars.

MOTOROLA POSTS LOSS AND DELAYS SPINOFF OF HANDSET BIZ

Motorola Inc. on Thursday swung to a loss in the third quarter and
said it would delay the spin-off of its faltering wireless-phone
business beyond 2009.