Business briefs


NEW YORK — It was the buy signal that markets were waiting for. When European Central Bank president Mario Draghi vowed to “do whatever it takes” to keep the continent’s monetary union intact, stocks were off to races in the U.S. and Europe.

The Dow Jones industrial average Thursday jumped 212 points, or 1.7 percent, to 12,888. Draghi’s comments raised hopes that Europe’s central bank might intervene to bring down the high borrowing costs for struggling European countries.

The S&P 500 index rose for the first time in five days. It was up 22.13, or 1.7 percent, to 1,360.02.

The Nasdaq index rose 39.01, or 1.4 percent, to 2,893.25, despite disappointing news from tech firms, including the online game maker Zynga.

NEW YORK — Facebook reported stronger-than-expected revenue Thursday in the company’s first earnings report since its rocky initial public offering two months ago.

Facebook said it booked a net loss of $157 million in the April-June period, mainly due to stock compensation expenses following its IPO.

That compares with a $240 million profit in the second quarter a year ago. Revenue grew 32 percent to $1.18 billion.

The stock fell 5.5 percent to $25.37 in after-hours trading.

NEW YORK — Starbucks Corp. said Thursday its net income rose 19 percent to $333.1 million for its fiscal third quarter, but the results fell short of Wall Street expectations and shares slumped 9 percent.

Revenue rose 13 percent to $3.3 billion.

The coffee giant said global revenue at cafes open at least a year rose 6 percent, driven by growth in China and Asia. The figure rose 7 percent in the Americas.

NEW YORK — A jump in Exxon Mobil’s net income couldn’t mask nagging problems for America’s largest oil company. The company’s said its second-quarter profit rose 49 percent to $15.9 billion, but most of the gain came from $7.5 billion in asset sales.

It was an otherwise challenging quarter, the company produced less oil and natural gas, and it sold both at lower prices. Excluding the asset sales, company profit fell by 22 percent to $8.4 billion

DETROIT — Ford is recalling nearly 485,000 Escapes and Mavericks to fix sticking gas pedals that can cause crashes. The worldwide recall affects vehicles from the 2001 through 2004 model years that are powered by 3-liter V-6 engines with cruise control.

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The U.S. National Highway Traffic Safety Administration has received 68 complaints about the problem, including 13 crashes and one death. It is the third recall in two weeks for the Escape.

Experts have said that if your vehicle accelerates unexpectedly, you should step on the brake and shift into neutral, steer safely to the roadside, put the car in park and shut off the engine.

COLUMBIA — Michelin voluntarily recalled around 841,000 BFGoodrich and Uniroyal tires Thursday because the tread can separate, causing rapid air loss.

No deaths or injuries have been reported from the tires, which were made as replacement tires for commercial light trucks and full-sized heavy duty vans from April 2010 until early 2012.

Greenville-based Michelin North America began the recall immediately. Anyone looking for more information can call 800-637-5527.

Wire reports