Stocks Turn Higher 02/13/14
February 13, 2014
NEW YORK— Stocks have turned higher in late morning trading, despite disappointing news about the job market and retail sales that had earlier sent stocks lower.
Comcast fell after it agreed to buy Time Warner Cable for $45.2 billion in stock. Time Warner Cable jumped 7 percent on the news. The deal would combine the top two cable TV companies in the United States.
The number of people seeking U.S. unemployment benefits rose 8,000 last week to 339,000, evidence that layoffs ticked up. Still, the increase wasn't enough to suggest the job market is worsening.
The government also reported today that cold weather caused U.S. retail sales to drop in January. Americans spent less on autos and clothing and at restaurants during a brutally cold month. The Commerce Department says retail sales fell 0.4 percent last month. That marked the second straight decline after a 0.1 percent drop in December.