Midday Report: Wynn Suffers Sales Slump; Stocks Inch Higher

Stocks were slightly higher in midday trading Friday and on track for their third straight weekly gain.
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Stocks were slightly higher in midday trading Friday and on track for their third straight weekly gain. Markets have rallied on signs weaker data could push a Federal Reserve rate hike out to 2016. General Electric (GE) boosted the Dow after besting quarterly earnings estimates. Wynn resorts (WYNN) slumped following a disappointing third quarter. The casino operator reported a nearly 30% drop in revenue, driven by weaker sales in key gambling destination Macau. Consumer sentiment bounced higher in October, according to a preliminary reading from the University of Michigan. Consumers appeared to have recovered from fears over the global economy and market instability. Video-streaming site Youku Tudou (YOKU) surged more than 20% after Alibaba (BABA) offered to buy out the rest of the company it doesn't already own.