Reuters Business Summary

Market opens higher on Fed measures, ADP data

NEW YORK (Reuters) - Wall Street rose at the open on Wednesday after a report showed private employers unexpectedly added jobs in July and the Federal Reserve said it would extend a measure to boost liquidity in turbulent financial markets. The Dow Jones industrial average .DJI was up 71.73 points, or 0.63 percent, at 11,469.29. The Standard & Poor's 500 Index .SPX was up 5.68 points, or 0.45 percent, at 1,268.88. The Nasdaq Composite Index .IXIC was up 9.50 points, or 0.41 percent, at 2,329.12.

Fed announces new liquidity-boosting measures

WASHINGTON (Reuters) - The Federal Reserve on Wednesday said it was extending a credit facility that it provides for primary dealers in one of several steps to boost liquidity in stressed financial markets. The U.S. central bank said its Primary Dealer Credit Facility (PDCF) and its Term Securities Lending Facility (TSLF) will be extended through January 30.

Comcast profit rise misses forecasts

NEW YORK (Reuters) - Comcast Corp (CMCSA.O: 行情), the largest U.S. cable service provider, posted quarterly profits and revenue that were a tad shy of Wall Street forecasts as it added fewer subscribers than expected. Net profit in the second quarter rose to $632 million, or 21 cents a share, from $588 million, or 19 cents a share, a year earlier, Comcast said on Wednesday.

Private sector gains 9,000 jobs in July: report

NEW YORK (Reuters) - Private employers added 9,000 jobs in July, according to a private report by ADP Employer Services released on Wednesday. In June, the private sector slashed 77,000, according to revised data. June was originally reported as 79,000 jobs lost.

Corning profit rises, but outlook disappoints

NEW YORK (Reuters) - Corning Inc (GLW.N: 行情) on Wednesday said quarterly profit rose sharply, boosted by a tax-related $2.4 billion gain, but the specialty glass maker's shares declined after it released a disappointing sales forecast. Second-quarter net income for the largest maker of glass for liquid crystal display televisions and computers, rose to $3.2 billion, or $2.01 a share, from $489 million, or 30 cents a share, a year earlier.

Elan, Wyeth plunge as Alzheimer's drug disappoints

LONDON (Reuters) - Shares in Irish drugmaker Elan (ELN.I: 行情) lost a third of their value on Wednesday as detailed clinical trial results for its new Alzheimer's drug bapineuzumab raised safety issues and disappointed bullish investors. Stock in Wyeth, the group's bigger U.S. partner, fell 14 percent in early U.S. trade.

Office Depot posts quarterly loss