Job market improvement may be slowing,
data show WASHINGTON (AP) -- Layoffs aren't
slowing as fast as some analysts had expected. That was the message Thursday in
a government report that the number of people filing first-time claims for
unemployment benefits rose unexpectedly last week. Jobless claims rose by
31,000 to a seasonally adjusted 473,000. Further evidence that the pace of the
economic recovery is slowing was a private research group's forecast of
economic activity. A third report said wholesale prices
shot up at double the expected pace in January. But the surprising surge was
viewed as a temporary blip and not a signal of sustained inflation. NEW YORK (AP) -- Still, overseas growth and a concerted
cost-cutting campaign pushed profit up 22 percent. The discounter, which rode low prices
to dominate U.S. retailing, faced tough price competition from rivals during
the holidays. That contributed to a decline in customer counts and spending. The company said that a key measure of
sales showed its third consecutive quarterly decrease as it continues to
grapple with deflation in groceries and electronics and a tough economy. Fed bumps up rate banks pay for
emergency loans WASHINGTON (AP) -- The The move won't directly affect
borrowing costs for millions of Americans. But with the worst of the financial
crisis over, it brings the Fed's main crisis lending program closer to normal. The Fed decided to bump up the
so-called "discount" lending rate by one-quarter point to 0.75
percent. The increase takes effect Friday. The central bank said the action should
not be viewed as a signal that it will soon boost interest rates for consumers
and businesses. Record-low borrowing costs near zero are still needed to foster
the recovery, it said. The Fed repeated its pledge to keep interest rates at
"exceptionally low" levels for an "extended period." Stronger manufacturing report lifts
stock market NEW YORK (AP) -- An increase in
regional manufacturing pushed the stock market to its third straight advance
and offset concerns about lower sales at The Dow Jones industrial average rose
84 points to 10,392.90, bringing its gains for the week to nearly 300 points.
It's the best streak for the Dow since November. Stock futures turned lower after the
closing bell Thursday when the Yahoo-Microsoft deal set, taking aim at
Google SAN FRANCISCO (AP) -- U.S. and European
regulators have cleared the long-discussed Internet search partnership between
Microsoft Corp. and The government approvals announced
Thursday anointed an alliance that Microsoft and Microsoft first approached WASHINGTON (AP) -- Toyoda said in a statement he looks "forward
to speaking directly with Congress and the American people." Toyoda is the grandson of the Japanese
automaker's founder. He had said he wasn't planning to attend the hearings but
would consider appearing before Congress if invited. Deficit panel can be candid: Budget
cuts will hurt WASHINGTON (AP) -- President Obama certainly won't be talking about
that harsh medicine, nor will the lawmakers on Capitol Hill, nor the candidates
trying to replace them next November. In a poisonous election-year
atmosphere, almost no one is willing to go on the record with solutions like
raising the Social Security retirement age, ordering broad-based tax increases
or increasing co-pays and deductibles for Medicare -- ideas far too politically
explosive for one party to take on alone. Dell 4Q profit edges down 6 percent;
stock falls SEATTLE (AP) -- Dell Inc. said Thursday
its net income fell 6 percent in the last quarter despite early signs that
businesses may be starting to buy new computers again. Consumers snapped up low-cost laptops
and smaller netbooks over the holidays, pushing Dell's PC shipments up 29
percent. Those products are less lucrative, though, and Dell's revenue and
profit in the consumer PC division grew much more slowly. For the three months ended Jan. 29,
Dell said earnings slipped to $334 million, or 17 cents per share. That was
down from $351 million, or 18 cents per share, a year ago. Treasury announces 4 more warrant
auctions WASHINGTON (AP) -- The Treasury
Department said Thursday it has authorized another four auctions of bank
warrants to recoup taxpayer money from the controversial financial bailout
fund. Treasury said that four banks including
Bank of America Corp. would participate in the auctions, which will be scheduled
over the coming month. The auctions are being held in cases
where Treasury and the banks could not agree on a price for the warrants. The
government received the warrants in return for the financial support provided
from the $700 billion bailout fund. Warrants are financial instruments that
allow the holder to buy stock in the future at a fixed price. Glaxo to remove zinc from denture cream WASHINGTON (AP) -- The maker of
Poligrip denture cream will stop making formulas containing zinc amid lawsuits
claiming years of excessive use caused neurological damage and blood problems
in consumers, allegedly crippling some. GlaxoSmithKline will stop making and
marketing Super Poligrip Original, Ultra Fresh and Extra Care products in the
U.S. The company plans to reformulate the creams without zinc. The company, based in London, reported
more than $520 million in denture adhesive sales last year. It stressed that
the products are safe when used as directed, but that some people use extra
cream to correct ill-fitting dentures. Natural gas tumbles on large supplies NEW YORK (AP) -- Natural gas prices
tumbled nearly 4 percent Thursday after the government said supplies are still
higher than average despite a rash of snowstorms that blanketed the East Coast
during the past few weeks. Natural gas is used to both heat homes
and power electric generators, and supplies generally drop in the winter as
homeowners crank up the heat. The Natural gas lost 21.4 cents to settle
at $5.172 per 1,000 cubic feet in trading on the New York Mercantile Exchange. By The Associated Press The Dow rose 83.66, or 0.8 percent, to
10,392.90, putting its gain for the week at 294 points. The broader Standard & Poor's 500
index rose 7.24, or 0.7 percent, to 1,106.75. The Benchmark crude for March delivery
added $1.73 to settle at $79.06 a barrel on the Nymex. That's the highest
settle for oil in more than a month. Natural gas lost 21.4 cents to settle
at $5.172 per 1,000 cubic feet in trading on the New York Mercantile Exchange. In other Nymex trading in March
contracts, heating oil added 4.49 cents to settle at $2.0516 a gallon, and
gasoline rose 6.21 cents to settle at $2.0692 a gallon. In London, Brent crude increased $1.51
to settle at $77.78 a barrel on the ICE futures exchange.