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Stocks fall as earnings jitters increase
NEW YORK (AP) — Falling oil prices and unease over corporate earnings put pressure on stocks Friday.
Stocks are mostly lower in early trading, as investors shed positions in energy, utilities and bank shares.
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Oil below $60 as traders eye company results
VIENNA (AP) — Oil prices slid well below $60 a barrel Friday as investors braced for company earnings reports next week that will provide clues on the strength of crude demand.
While global appetite for crude over the next few months remains unclear, expectations are that it will increase by next year, with the International Energy agency predicting a 1.7 percent rebound in demand by next year.
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Americans favor science, but less than before
WASHINGTON (AP) — The share of Americans who see science as the nation's greatest achievement is down sharply, even as the public continues to hold scientists in high regard.
A new Pew Research Center poll indicates that 27 percent of Americans say the nation's greatest achievements are in science, medicine and technology, more than any category other than don't know.
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May wholesale inventories fall, 9th straight drop
WASHINGTON (AP) — Wholesale inventories fell for a ninth consecutive month in May as businesses struggle to trim stockpiles amid the longest recession since World War II.
The Commerce Department says inventories dipped 0.8 percent in May, slightly smaller than the 1 percent decline economists had expected.
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Retailers report weak June sales
NEW YORK (AP) — Escalating job worries and rainy weather dampened shoppers' appetite for buying summer staples like shorts and dresses, resulting in sharp sales declines for many merchants.
As retailers reported their monthly figures Thursday, the weakness appeared to cut across all sectors, particularly apparel sellers. Among the biggest disappointments so far were Limited Brands Inc., teen merchant Wet Seal Inc. and The Children's Place Retail Stores Inc.
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G-8 leaders stress need for stimulus
L'AQUILA, Italy (AP) — World leaders agreed that the global economy is too shaky to begin rolling back massive fiscal stimulus plans right now, according to a draft of the Group of Eight statement on the world economy obtained by The Associated Press.
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Audit: States using stimulus just to stay afloat
WASHINGTON (AP) — Projects in some of the nation's poorest areas don't appear to be getting a fair shake in the spending of $787 billion in stimulus funds, the chairman of the House oversight committee said Wednesday.
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Google's new operating system to take on Microsoft
SUN VALLEY, Idaho (AP) — Google Inc. is working on a new operating system for inexpensive computers in a daring attempt to wrest away Microsoft Corp.'s long-running control over people's computing experience.
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Judge denies motion to fast-track GM sale appeal
NEW YORK (AP) — The sale of most of General Motors' assets is moving closer to completion, after a bankruptcy judge denied motions by groups with asbestos and injury-related claims seeking to halt the sale and appeal directly to the 2nd Circuit Court of Appeals.
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Government tightening food safety standards
WASHINGTON (AP) — The White House is trying to make Americans' food safer after recent recalls of popular products like peanut butter and cookie dough.
A food safety working group established by President Barack Obama said Tuesday that the government will try and boost the safety of some of the nation's most popular foods, announcing stricter rules for the production of eggs, poultry, beef, leafy greens, melons and tomatoes. The new standards are an effort to reduce instances of salmonella and E. coli contamination.
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Oil drops below $63, continuing past week's plunge
VIENNA (AP) — Oil shed more than $1 to fall below $63 a barrel Tuesday, adding to a sharp drop over the last week on investor doubts about a global economic recovery.
Prices reached an eight-month high last week above $73, but quickly tapered off as dismal unemployment figures suggested that the U.S. and Europe would be slower to rebound out of recession than expected.
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Haute couture goes cold as recession lingers
PARIS (AP) — During a recession, how do you hawk a dress that costs more than many cars?
That's the dilemma facing the handful of luxury labels that still craft haute couture — the collections of sumptuous, wildly expensive garments made-to-measure for an elite cadre of the world's ultra-rich.
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Consumer loan delinquencies continue to rise
NEW YORK (AP) — Consumer loan delinquencies edged up to another record high in the first quarter, according to data released Tuesday by the American Bankers Association.
A continued rise in unemployment has been the main culprit for the continued rise in delinquencies, the trade association said.
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Boeing to pay $580M for 787 parts plant in SC
Boeing Co. said Tuesday it will pay $580 million in cash for a South Carolina plant where large components of the company's long-delayed 787 jetliner are built.
The plant makes and installs systems in aft fuselage sections of Boeing's 787, a next-generation aircraft that has been hampered by repeated delays due to production problems. The delays have cost Boeing credibility and billions of dollars in anticipated expenses and penalties.
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Hospitals, Democrats near deal on health care
WASHINGTON (AP) — President Barack Obama on Tuesday welcomed progress on health care overhaul as top Senate Democrats and the administration closed in on a deal with hospitals to help pay for the president's proposed expansion of medical coverage to the uninsured.
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Stocks slide on dip in consumer confidence
NEW YORK (AP) — Investors are adding consumer confidence to their growing list of things to worry about.
Stocks fell sharply Tuesday after a private research group said consumer confidence unexpectedly fell in June.
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Obama pledges support for social innovators
WASHINGTON (AP) — President Barack Obama on Tuesday promised that the White House will do its part to support grassroots organizations that are successful in their efforts to improve communities.
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Consumer confidence falls in June
NEW YORK (AP) — Mounting job losses and other economic realities caught up with Americans this month, pushing down a key barometer of consumer sentiment after a streak of gains built on glimmers of hope.
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Oil prices fall in volatile trading
COLUMBUS, Ohio (AP) — Oil prices fell in volatile trading Tuesday not long after hitting an eight-month high.
Benchmark crude for August delivery dipped $1.60 to settle at $69.89 a barrel on the New York Mercantile Exchange after swinging between $68.90 and $73.38 in early trading.
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Analysis: Climate bill may spur energy revolution
WASHINGTON (AP) — Congress has taken its first step toward an energy revolution, with the prospect of profound change for every household, business, industry and farm in the decades ahead.
It was late Friday when the House passed legislation that would, for the first time, require limits on pollution blamed for global warming — mainly carbon dioxide from burning fossil fuels. Now the Senate has the chance to change the way Americans produce and use energy.
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Madoff ordered to forfeit $171 billion
NEW YORK (AP) — Bernard Madoff would be stripped of all his possessions under a $171 billion forfeiture order handed down only days before prosecutors seek to put the disgraced financier away in prison for the rest of his life.
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AIG moves to spin off 2 units, reduce gov't debt
NEW YORK (AP) — American International Group Inc. said Thursday it will reduce outstanding federal loans by $25 billion by giving the government a preferred stake in two units that will be spun off from the insurance giant.
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May incomes surge, but savings outpace spending
WASHINGTON (AP) — Households pushed their savings rate to the highest level in more than 15 years in May as a big boost in incomes from the government's stimulus program was devoted more to bolstering nest eggs than increased spending.
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Big Oil poised for return to Iraq
BAGHDAD (AP) — More than three decades after they were booted from the country by Saddam Hussein, international oil companies are poised for a return to Iraq where next week they will bid for a slice of the country's vast crude reserves.
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Fed scales back emergency lending programs
WASHINGTON (AP) — The Federal Reserve took the first step Thursday toward winding down the numerous emergency lending programs it launched last fall at the height of the financial crisis.
The Fed will allow one program intended to support money market mutual funds to lapse by Oct. 31, and is reducing the amount it will lend to banks under two others.
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Oil rises above $70 on Commerce Department report
NEW YORK (AP) — Oil prices jumped above $70 a barrel Thursday after the government said that the economy may be faring better than previously thought.
In a revised reading on gross domestic product in the first quarter, the Commerce Department reported a 5.5 percent annualized decline from January to March, rather than the 5.7 percent it reported a month ago.
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US trade chief vows action on aid for Airbus jet
PARIS (AP) — President Barack Obama's trade chief said Thursday that the U.S. will respond "quickly and swiftly" if European nations agree to subsidize the Airbus A350 jet program.
Ron Kirk said at a Paris news conference that the United States has made its "objections to launch aid for Airbus plain and unequivocal."
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Biden: $19B in highway stimulus already set aside
WASHINGTON (AP) — Vice President Joe Biden says more than half of the economic stimulus money set aside for highway projects has been allocated.
Biden plans to tell the Cabinet on Thursday that every state and territory should beat the June 29 deadline to identify half their spending for highway funds. He says that $19 billion has been set aside to pay for 5,300 transportation projects.
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Stock futures decline after rise in jobless claims
NEW YORK (AP) — An unexpected rise in jobless claims is causing investors to sell again.
A day after the Federal Reserve expressed confidence in the economy, the government said new jobless claims rose by 15,000 to 627,000 last week. The market expected a decline, and stock futures fell ahead of the market's open on Thursday. Unemployment affects many drivers of the economy — most importantly, consumer spending.
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Economy dips at slightly lower pace in 1Q
WASHINGTON (AP) — The economy tumbled at a 5.5 percent pace in the first quarter, but appears to be doing better now, even though heavy layoffs persist.
The revised reading on gross domestic product, released Thursday by the Commerce Department, showed the economy from January through March didn't fall as deeply as the 5.7 percent annualized decline reported a month ago. Economists expected the government would stick with its previous estimate.
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New jobless claims rise unexpectedly to 627K
WASHINGTON (AP) — The government says the number of people filing first-time claims for jobless benefits increased last week, partly due to layoffs related to the end of the school year.
The Labor Department says new jobless claims rose by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000 claims, according to Thomson Reuters.
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Global recession nearing bottom, OECD says
PARIS (AP) — The deepest global recession in over 60 years is close to bottoming out, but recovery will be weak unless governments do more to remove uncertainty over banks' balance sheets, the Organization for Economic Cooperation and Development (OECD) said Wednesday.
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Durable goods orders rise unexpectedly in May
WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods rose sharply for a second straight month in May, and a key indicator of business investment surged by the largest amount in nearly five years.
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May new home sales dip 0.6 percent
WASHINGTON (AP) — The government says new U.S. home sales fell slightly last month, in another sign that the housing market's recovery is likely to be gradual and prolonged.
The Commerce Department said Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.
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Stocks close mixed as investors wait on the Fed
NEW YORK (AP) — Investors are holding off making big moves while they wait for the Federal Reserve.
Stocks ended mixed but little changed Tuesday, one day after a sell-off. Traders are looking for the central bank to outline its expectations for the economy and signal when it might raise interest rates. The Fed's two-day meeting ends Wednesday.
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Treasurys up after strong auction of 2-year notes
NEW YORK (AP) — A strong government auction of two-year notes is pushing up Treasury prices for the third straight trading day.
The Treasury Department sold $40 billion at a yield of 1.15 percent, the highest yield since November. But the auction got more than three times as many bids as notes sold. And indirect bidding, an indication of foreign buying, was high at 69 percent.
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Fed reviews effectiveness of revival programs
WASHINGTON (AP) — Federal Reserve policymakers are gathering to take fresh stock of the nation's fragile economic climate, and weighing whether existing programs to ease the recession should be tweaked.
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Insurance industry lays down marker on health care
WASHINGTON (AP) — The insurance industry Tuesday laid down a marker on health care, warning in stark terms that a proposed government insurance plan would dismantle the employer coverage Americans have relied on for a half century and overtake the system.
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CEO outlook index up from record low, still weak
NEW YORK (AP) — An index measuring the expectations of 95 CEOs from among the nation's largest companies showed an improved outlook from last quarter's record low, but many still expect declines in sales, jobs and capital spending.
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May existing home sales rose by 2.4 percent
WASHINGTON (AP) — Sales of previously occupied homes rose modestly from April to May, the third monthly increase this year, but signs of a housing recovery are fragile at best.
The National Association of Realtors said Tuesday that home sales rose 2.4 percent last month to a seasonally adjusted annual rate of 4.77 million, from a downwardly revised pace of 4.66 million in April.
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AP source: Ford to get $5.9B in govt loans
WASHINGTON (AP) — A congressional official says the Energy Department is lending $5.9 billion to Ford Motor Co. and providing about $2.1 billion in loans to Nissan Motor Co. and Tesla Motors Inc. from a $25 billion fund to develop fuel-efficient vehicles.
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Dollar gains after World Bank cuts growth forecast
NEW YORK (AP) — The dollar strengthened Monday ahead of the Federal Reserve's meeting later this week as the World Bank downgraded its assessment of the global economy, ramping up interest in the "safe" greenback.
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Delta: Swine flu will result in $250M revenue hit
NEW YORK (AP) — Delta Air Lines Inc. on Monday said the H1N1 virus has sapped travel demand, resulting in a $250 million hit on the carrier's second-quarter revenue.
CEO Richard Anderson told shareholders at the airline's annual meeting in New York that because of the virus originally known as the swine flu, Delta has significantly reduced capacity into Mexico and Latin America.
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Dunkin' Donuts debuts online ordering for groups
NEW YORK (AP) — Do you and your co-worker have a hankering for a doughnut hole?
Now you can place your order online, thanks to a new Dunkin' Donuts web site and iPhone application that allows customers to solicit and place group orders.
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Oil falls to near $68 as optimism on economy wanes
Oil prices fell to near $68 a barrel Monday on concerns over a weak U.S. economy and the dollar's rise, which tends to pull investors away from commodities.
Benchmark crude for July delivery fell $1.42 to $68.13 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange. On Friday, it dropped $1.82 to settle at $69.55
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Apple: More than 1M new-model iPhones sold
NEW YORK (AP) — Apple Inc. sold more than a million units of its latest iPhone model in the first three days, making it the most successful model yet.
The iPhone 3G S went on sale Friday in the U.S. and seven other countries.
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8 states see record unemployment rates in May
WASHINGTON (AP) — The unemployment rates in eight states hit record-highs last month and only two — Nebraska and Vermont — did not report increases.
The Labor Department says 48 states and the District of Columbia saw employment conditions deteriorate last month. The fallout from the longest recession since World War II, was the worst in Michigan. Its unemployment rate rose to 14.1 percent.
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Nestle recalls Toll House cookie dough products
NEW YORK (AP) — Nestle USA on Friday voluntarily recalled its Toll House refrigerated cookie dough products after a number of illnesses were reported by those who ate the dough raw.
The company said the Food and Drug Administration and the Centers for Disease Control are investigating reported E. coli illnesses that might be related eating the dough.
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US, Switzerland complete tax negotiations
WASHINGTON (AP) — The United States and Switzerland have agreed to increase the amount of tax information they share to help crack down on tax evasion.
The Treasury Department said Friday that the two nations concluded negotiations on an amended tax treaty. The discussions took place as U.S. legal authorities are conducting investigations into allegations that giant Swiss bank UBS AG helped thousands of American customers evade taxes.
