Stocks Mostly Rise On Wall Street, Led By Banks

NEW YORK (AP) â¿¿ 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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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