Stocks Make a Turnaround

Stocks landed back in positive territory on Thursday after 2 days of losses. The Dow Jones Industrial Average nudged up against 9,200 for the first time since November. Gains were broad-based, with 27 of 30 Dow components rising. Upbeat earnings and decent economic data keep delivering stocks a burst of energy. Shares of General Electric surged 8.7% thanks to Rep. Barney Frank's comments . First-time claims for state jobless benefits crept up last week, but didn't stop stocks from moving in the right direction. A successful auction of seven-year Treasury notes came as a refreshing surprise given the recent response to the five-year auction. In global trading , European and Asian markets both gained on improved profit reports.

Video - Recession: Game Over?

Splashed Across Headlines

Here we go again with more controversy about crazy money . Citigroup , Merrill Lynch & Co., and seven additional U.S. banks ruffled Andrew Cuomo's feathers after it was determined that $36.8 billion was paid out in bonuses during 2008. If you're not mad yet, you should be! These bonuses were paid out as they accepted tens of billions of dollars of taxpayer money.

No profits? Here's a fat bonus!

Video - Wall Street Bonuses in Spotlight

The next great bailout: Social Security

Will Everyone Please Shut Up About Goldman Sachs? The bank has a culture that works. So what?

What a difference a year can make. This time last year Exxon Mobil was rolling around in the dough as consumers scraped together pennies to afford record gas prices . The energy giant is singing a very different tune this year as oil prices continue to retreat . For the king of corporate profit records, this marked the third straight quarter for lower year-over-year earnings.

Even game makers are not safe from the wrath of this recession. For the first time ever, Nintendo said sales of its WII console fell 61% . The world's largest maker of video-game players has watched the money pour in since introducing the motion-sensing device in 2006. Sony Corp.'s Playstation 3 is also having a hard time finding its way into the homes of consumers. It looks like people have finally put down their controllers and picked up some job applications.

Speaking of jobs, initial unemployment claims climbed last week . Americans just can't win! As soon as we get ready to throw up the streamers and celebrate, here comes some more news reminding us that the job market is still in the toilet. We may be seeing less firing, but we're still seeing plenty of it . This rise is definitely not the result of "seasonal distortions."

The 10 cities with the highest jobless rates share one thing in common: disappearing manufacturing jobs.

Back to Earnings

Let's start with some of the winners. Alcatel-Lucent reached a major milestone and posted its first ever profit . Talk about just in time. The amount was small in comparison, but nonetheless a profit. Don't cheer just yet. Analysts are expecting the company to resume its losing streak . Motorola found its way back to the winner's circle and posted an unexpected second quarter profit . Although the largest US mobile phone maker beat expectations, its mobile division is failing to impress . Mastercard Inc. second-quarter profit jumped 26% from a year ago and beat analysts' expectations. The company will likely see continued growth as consumers continue to supplement income with credit cards.

Now we can't forget about the losers of the day. Dow Chemical was recently able to rise from the ashes , but its quarterly profit headed south . Waste Management Inc. reported a 22.3% year-over-year decline in profit for the second quarter .

Other Juicy Tidbits

Citigroup has converted a big chunk of the government's stake into common stock, meaning that taxpayers now have a 34% stake in the banking giant. It's official: You own a piece of Citi

The Chinese Communists invaded Washington on Monday demanding not that we sacrifice our freedoms but rather that we balance our budget. It's time for the U.S. to answer its Chinese creditors .

Following in the footsteps of the NFL, the NBA will now allow teams to put its ads on practice jerseys. What Are Practice Jerseys Really Worth?