Business Today: Wall Street jumps in major reversal

Click to View in Browser 06/6/2012 Wall Street jumps in major reversal NEW YORK (Reuters) - Stocks jumped on Wednesday, with the S&P staging a major reversal above its 200-day moving average, as talk of a rescue of Spain's troubled banks and hopes for more monetary stimulus sparked a rebound from recent selling. Fed more upbeat on economy in Beige Book WASHINGTON (Reuters) - Economic growth in the United States picked up over the last two months and hiring showed signs of a "modest increase," the Federal Reserve said in a report that ran counter to a growing sense of economic gloom. Nasdaq offers $40 million to cover Facebook losses, short of claims (Reuters) - Nasdaq OMX Group Inc said it will offer cash and rebates totaling $40 million to compensate clients affected by the problems with Facebook Inc's initial public offering, an amount well short of the losses claimed by top market makers for the IPO. Chesapeake in talks to sell pipeline biz: source NEW YORK (Reuters) - Chesapeake Energy is in late-stage talks to sell nearly all of its pipeline assets for over $4 billion to Global Infrastructure Partners (GIP), according to a person familiar with the matter, as the company scrambles to close a $9 billion to $10 billion funding shortfall. Wal-Mart sees sales lift from Pay with Cash, search SAN FRANCISCO (Reuters) - Wal-Mart Stores Inc is seeing a sales lift from new efforts to get more shoppers buying online while still visiting physical stores, Joel Anderson, chief executive of Walmart.com, the ecommerce arm of the world's largest retailer, said on Wednesday. Morgan Stanley may sell part of commods unit: CNBC (Reuters) - Morgan Stanley is considering selling a stake in its vaunted commodities trading division, according to a news report that, if true, would reflect the bank's most radical plan yet to ease mounting regulatory and credit pressures. Gupta stood to profit with Rajaratnam: witness NEW YORK (Reuters) - Former Goldman Sachs Group Inc board member Rajat Gupta stood to profit from investments he made in funds managed by now-imprisoned hedge fund founder Raj Rajaratnam, a witness testified at Gupta's insider-trading trial on Wednesday. It's your job to fix crisis, ECB tells governments FRANKFURT (Reuters) - The European Central Bank on Wednesday put the onus firmly on euro zone governments to solve the bloc's debt crisis, dashing expectations it could take near-term action despite saying the currency area's economy was under increasing threat. EU, Germany exploring Spanish rescue, no request yet MADRID/BERLIN (Reuters) - Germany and European Union officials are urgently exploring ways to rescue Spain's debt-stricken banks although Madrid has not yet requested assistance and is resisting being placed under international supervision, European sources said on Wednesday. First quarter productivity falls more than expected WASHINGTON (Reuters) - Nonfarm productivity fell more than expected in the first quarter as companies gave more hours to employees but only modestly expanded output, revised data from Labor Department showed on Wednesday. Related Video Saft Says: If the Fed Acts, Will it Really Matter Trading at Noon: U.S. stocks surge on Spain rescue option Economic News Fed more upbeat on economy in Beige Book It's your job to fix crisis, ECB tells governments A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend