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Thursday, December 2, 2010

Market Close Wrap-Up: December 2, 2010

"The major U.S. equity indices closed higher Thursday, on news from Freddie Mac regarding a boost in mortgage rates, signaling a brighter economic outlook.

Officials from Freddie Mac said that the average 30-year fixed loans rate jumped 4.46%, up from 4.40% last week.

The average 15-year loan also increased, from 3.77% to 3.81%.

In corporate news, Limited Brands, Inc. (NYSE:LTD) reported a 10% jump in sales during November for stores open at least one year; Thomson Reuters analysts forecast a sales boost of 4%. Net sales during November rose 14% to $893 million.

PepsiCo, Inc. (NYSE:PEP) officials announced the company's planned 66% stake purchase in Russian food and beverage firm Wimm-Bill-Dann Foods OJSC (NYSE:WBD). The majority stake purchase will cost $3.8 billion, and according to PepsiCo officials, will help boost the firm's worldwide annual revenues from nutritious and functional foods by about $3 billion, to $13 billion.

The Dow Jones Industrial Average (DJI) closed 0.95% higher at 11,362, the S&P500 (INX) closed 1.28% higher at 1,221, and the Nasdaq Composite (IXIC) closed 1.17% higher at 2,579."


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