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Yahoo shares jumped 10% after shareholders approved sale of its core internet business to Verizon amid a muted day on Wall Street.

After the deal closed, a renamed Yahoo will mainly hold a stake in Chinese e-commerce giant Alibaba, which had a blockbuster day on Wall Street.

Yahoo’s gains helped lift the NASDAQ 0.4% to 6,321.76 points.

The Dow Jones was almost flat at 21,182.53 points, while the broader S&P 500 fell very slightly to 2,433.79.

Verizon investors appeared more skeptical of the $4.5 billion deal, which was delayed after Yahoo disclosed data breaches, falling 0.7%.

According to reports, Verizon expects to cut about 2,000 jobs after its purchase of Yahoo’s internet business goes through next week.

Consumer-focused companies also closed down despite a 10% bounce for Nordstrom, which said it was considering going private.

However, financial stocks outperformed, as Republicans pressed ahead with a bid to roll back financial rules imposed after the 2008 crisis.

Although the measures are unlikely to become law, the bill’s success in the House signals commitment to some type of reform.

Ocwen Financial rose 2.7% after the loan servicer came under pressure from the Consumer Financial Protection Bureau, which would be seriously weakened under June 8 measure.

Goldman Sachs closed up 1.4%, JP Morgan Chase added 1.25% and Bank of America climbed 1.6%.

The markets generally were overshadowed by political news, as UK voters headed to the polls and former FBI Director James Comey answered questions in Washington about his dealings with President Donald Trump.

President Trump fired Director James Comey earlier this year amid an FBI investigation into Russian ties to the Trump campaign. The move has generated political backlash and hurt Donald Trump’s standing in Washington.


Yahoo shares jumped 9% despite a 20% fall in first-quarter earnings.

Yahoo’s profits of $312 million still beat expectations.

Yahoo also said revenue from display advertising increased by 2% to $409 million, the first rise in some time. Overall, first quarter revenue was $1.1 billion, the best since 2010.

“I am really pleased by our first-quarter performance,” said Yahoo CEO Marissa Mayer in a statement.

Yahoo also reported that it had 430 million monthly mobile users who accessed Yahoo products, a crucial measure as the firm seeks to catch up with Facebook and Google to attract mobile advertising.

Yahoo shares jumped 9 percent despite a 20 percent fall in first-quarter earnings

Yahoo shares jumped 9 percent despite a 20 percent fall in first-quarter earnings

It also increased its total workforce by 8% to 12,400 global employees.

In contrast to Yahoo’s earnings fall, Chinese internet giant Alibaba, of which Yahoo owns a 24% share, reported surging revenues.

These increased by 66% in 2013 Q4 to $3.06 billion, compared with $1.84 billion during the same period a year earlier.

Profits increased 110% to $1.4 billion, compared with $642 million a year earlier.

Alibaba’s fourth quarter earnings were released as part of Yahoo’s report.

Alibaba, China’s largest internet company, is expected to complete a public share sale sometime this summer on a US exchange.

The share float could raise as much as $15 billion, making it the biggest technology company debut since Facebook’s stock sale in 2012.

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