News Summary: Stocks gain on "cliff" optimism

  • Article by: The Associated Press
  • Associated Press
  • December 5, 2012 - 4:13 PM

BANKS AND INSURERS: Citigroup gained after it said that it was slashing 11,000 jobs, or 4 percent of its workforce. Travelers rose after the insurance company said it was resuming a share buyback program.

THIS TIME NEXT WEEK: Wall Street remained focused on the "fiscal cliff." Comments from President Obama Wednesday that "we can probably solve this in about a week" gave the stock market a boost.

APPLE, JUICED: Apple's aura may be fading. The maker of the iPhone and iPads slumped $37, dragging the Nasdaq composite index down with it. One analyst attributed the decline to comments by an AT&T executive that suggested possible weaker sales of the new iPhone.

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