Wall Street moved moderately higher Wednesday after Lehman Brothers Holdings Inc. said it would shore up capital by selling assets.
Lehman Brothers said Wednesday it would sell a majority stake in its asset-management unit, aiming to shore up investor confidence. The plan offered investors a little solace and the fourth biggest U.S. securities firm rose 15 percent in early trading.
However, the company also reported a preliminary fiscal third-quarter loss of 3.9 billion U.S. dollars, the biggest loss in its 158-year history, and slashed its annual dividend to 5 cents from 68 cents.
In addition, FedEx gained as the largest air-parcel shipper said lower fuel costs sent quarterly profit higher than its estimate. Texas Instruments also climbed after the company maintained its sales projection even as demand for mobile phone slowed down.
The Dow Jones rose 30.70 to 11,261.43. Broader indexes also traded higher. The Standard & Poor's 500 index climbed 5.77 to 1,230.28 and the Nasdaq rose 14.25 to 2,224.06.
Source: Xinhua
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