Oil prices rebound from a sharp decline helping to boost stocks. New claims for jobless benefits rose less than expected, increasing market sentiment. Shartia Brantley reports.
Rebounding oil prices helped lift stocks in choppy trading. Investors also got a dose of good news on jobs. The number of Americans filing jobless claims rose less than expected last week. That suggests the weak March jobs report was likely a fluke. In a week studded with deals, LinkedIn's shares rose after the social networking giant said it's buying the online career education company, Lynda.com for about $1.5 billion. The move is aimed at driving engagement on LinkedIn, says Piper Jaffray senior research analyst Gene Munster: SOUNDBITE: GENE MUNSTER, SENIOR RESEARCH ANALYST, PIPER JAFFRAY (ENGLISH) SAYING: "They just want to get more of your attention and time, and this is a new way that they can do that." Zynga didn't need LinkedIn to find its new hire. Founder Mark Pincus is returning to the corner office of the social games developer as CEO. Shares dropped. E-commerce giant Alibaba is further expanding its online financial business. Its finance affiliate, Ant Financial, launched an e-commerce tracking stock index. Walgreens Boots' shares got a boost after the pharmacy retailer said it'll close 200 U.S. stores to cut costs. It also said a severe cold and flu season sped up pharmaceutical sales. In Europe, the prospect of more deals propelled the FTSEurofirst 300 to its highest level in almost eight years. The FTSE100, Dax, and Cac 40 tacked on more than one percent.