Apr. 14, 2011 6:05 PM ET
The Associated Press : Higher energy prices push wholesale prices
higher
WASHINGTON
— More expensive gas pushed wholesale prices higher last month, although
pricier cars and furniture also contributed to the increase.
The
Producer Price Index, which measures price changes before they reach the
consumer, rose 0.7 percent in March, the Labor Department said Thursday. That's
down from 1.6 percent in February. The index has increased 5.8 percent in the
past year.
Excluding
volatile food and energy costs, prices rose 0.3 percent — the second-highest
increase in the past year. The price of new cars rose by the most in nearly two
years, while the cost of some types of furniture jumped 6.5 percent. Still,
core prices are up only 1.9 percent over the past year, a relatively tame rate
of inflation.
___
More
people apply for unemployment benefits
More
people applied for unemployment benefits last week, the first increase in three
weeks. Still, the broader trend points to a slowly healing jobs market.
The
government says applications for unemployment benefits rose 27,000 to a
seasonally adjusted 412,000 for the week ended April 9. That left applications
at their highest point since mid-February.
Applications
near 375,000 are consistent with a sustained increase in hiring. Applications
peaked during the recession at 659,000.
___
Ford
expands recall of F-150 pickup to nearly 1.2M
DETROIT
(AP) — Under pressure from government safety regulators, Ford Motor Co. is
expanding a recall of the popular F-150 pickup truck to include nearly 1.2
million vehicles that may have defective air bags.
The wider
recall, announced Thursday by the National Highway Traffic Safety
Administration, covers all F-150s built for the 2004 and 2005 model years, as
well as part of the 2006 model year. Also included are 16,000 2006 Lincoln LT
pickups.
An
electrical short can cause the air bags to deploy unexpectedly, in some cases
injuring drivers.
___
J&J
issues another recall, for epilepsy pills
TRENTON,
N.J. (AP) — Johnson & Johnson issued yet another recall Thursday, this one
for about 57,000 bottles of a widely used epilepsy pill, due to complaints of a
chemical odor.
The
health care giant said it is recalling two lots of 100-milligram tablets of
Topamax, sold between Oct. 19 and Dec. 28, 2010. The lot numbers are OKG110 and
OLG222. J&J said fewer than 6,000 of the bottles are believed to still be
on the market.
___
Google 1Q
earnings miss analysts' target
MOUNTAIN
VIEW, Calif. (AP) — Google's first-quarter earnings came in below analyst
projections as the Internet search leader sped up hiring and increased spending
in other areas to drive up its expenses.
The
results released Thursday may heighten investor fears that Google's earnings
might suffer because of the company's commitment to hire at least 6,200 workers
this year. That would be the most in Google's 13-year history.
___
Supervalu
4th-qtr net income slips on softer sales
EDEN
PRAIRIE, Minn. (AP) — Supervalu Inc. said Thursday that its fourth-quarter net
income fell 2 percent, but it beat expectations, which investors took as a sign
that the grocer's turnaround efforts may be paying off.
The
company, which operates the Albertsons, Jewel-Osco and Save-A-Lot chains, also
forecast 2012 earnings in line with Wall Street's expectations.
___
Hasbro 1Q
profit drops 71 pct; sales weak
PAWTUCKET,
R.I. (AP) — Hasbro's hit battling-top game Beyblade couldn't rescue Hasbro's
first quarter from pallid demand for other games and girls toys and spending to
launch The Hub TV network.
Net
income fell 71 percent and missed Wall Street expectations. Stock in the maker
of Scrabble and Nerf dropped 84 cents to $44.95 in morning trading.
The first
quarter is typically small for toy makers because it comes just after the
crucial holiday season.
___
Rate on
30-year fixed mortgage rises to 4.91 pct.
NEW YORK
(AP) — The rate on the 30-year fixed mortgage rose for the fourth straight
week, but still remains below 5 percent.
Freddie
Mac said Thursday the average rate on the 30-year loan rose to 4.91 percent
from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in
November.
The
average rate on the 15-year fixed mortgage increased to 4.13 percent from 4.10
percent. It reached 3.57 percent in November, the lowest level on records
dating back to 1991.
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By The
Associated Press(equals)
The Dow
Jones industrial average rose 14.16, or 0.1 percent, to 12,285.15. The Standard
and Poor's 500 stock index added 0.11 point, or less than 0.1 percent, to close
at 1,314.52. The Nasdaq composite lost 1.30, or 0.1 percent, to 2,760.22.
Benchmark
West Texas Intermediate crude for May delivery added $1 to settle at $108.11
per barrel on the Nymex. Natural gas rose 7.1 cents to settle at $4.212 per
1,000 cubic feet on the New York Mercantile Exchange.
In other
trading, heating oil fell 1.38 cents to settle at $3.189 per gallon and
gasoline futures lost less than a penny to settle at $3.2347 per gallon.
In London,
Brent crude lost 33 cents to settle at $122 per barrel on the ICE Futures
exchange.