WASHINGTON (AP) -- The president of He insisted electronic systems
connected to the gas pedal and fuel line did not contribute to the problem,
drawing sharp criticism from lawmakers who said such a possibility should be
further explored -- and from a tearful woman driver who could not stop her
runaway Flagging confidence intensifies
economic fears NEW YORK (AP) -- Americans' confidence
in the economy has suffered a sudden relapse, dimming hopes that they will
start spending -- and spurring job growth -- any time soon. The Consumer Confidence Index figures
released Tuesday were much worse than analysts had expected and showed that
Americans are morose about the job market and their economic prospects. That
bodes ill for the sort of uptick in consumer spending that normally powers job
growth, and could raise pressure on the Obama administration and Congress to
create jobs themselves. The index fell almost 11 points to 46
in February, down from a revised 56.5 in January and the lowest level since a
40.8 reading in April 2009. It erased three consecutive months of improvement,
according to Stocks retreat after disappointing
consumer report NEW YORK (AP) -- The stock market fell
sharply Tuesday after a surprising drop in consumer confidence reminded
investors of the fragility of the economic recovery. The Dow Jones industrials fell 100
points to 10,292.41 after being up around 19 before The confidence numbers came as
investors were already rethinking the more optimistic assessment they had of
the economy last week. Stocks had rallied for four straight days on upbeat
earnings news, including some from retailers, and on improving housing and
manufacturing numbers. Retailers profits rise, but customers
hold back CHICAGO (AP) -- A fleet of the nation's
biggest merchants reported mostly better fourth-quarter profits Tuesday. The improvements at Target, Sears and
Macy's are mostly a results of stocking holiday shelves cautiously and managing
markdowns. But the rosier results mask a tough
reality. To keep up that momentum retailers need shoppers to spend more. Merchants may have to keep waiting if
Tuesday's surprisingly steep drop in consumer confidence figures offers any
insight. That likely means that shoppers will remain cautious until the
nation's economy and job outlook is rosier. While they wait, retailers are trying
everything they can to make their stores and their products more inviting and
appealing to customers. Home prices rise 0.3 percent in
December MIAMI (AP) -- Home prices edged up in
December, the seventh straight monthly gain and another sign the housing market
continues its bumpy recovery. Prices aren't anywhere near the zenith
of the housing boom -- they are down 30 percent from the peak in May 2006 --
and there are worries that the recovery may not last. But prices have been
steadily increasing from month to month, climbing almost 4 percent off the
bottom in May. The Standard & Poor's/Case-Shiller
20-city home price index released Tuesday rose 0.3 percent from November to
December, to a seasonally adjusted reading of 145.87. The index was off about 3
percent from December last year, nearly matching analysts' estimates. Banks report small profit but 'problem'
list jumps WASHINGTON (AP) -- The number of U.S.
banks considered troubled jumped to more than 700 last quarter even as the
industry squeezed out a small profit in a recovering economy. Loan losses and bank failures are
likely to continue to haunt the industry as regional banks succumb to soured
commercial real estate loans. The snapshot for October-December 2009
issued Tuesday by the Federal Deposit Insurance Corp. offered a tale of two
banking sectors. On the one hand, big banks have been gradually recovering,
many of them with help from federal bailout money. On the other, small and
mid-sized institutions continue to suffer distress that will likely persist in
the coming years. Report: Wall Streeters got $20B in
bonuses in 2009 ALBANY, N.Y. (AP) -- Employees at Wall
Street financial firms collected more than $20 billion in bonuses in 2009, the
year after taxpayers bailed out the financial sector amid the economic
meltdown, New York state Comptroller Thomas DiNapoli said Tuesday. The payouts
were about 17 percent higher than the previous year's bonuses. Total compensation at the largest
securities firms grew beyond that figure and profits could surpass what he
calls an unprecedented $55 billion last year, DiNapoli said. That's nearly
three times Wall Street's record increase, a rate of growth that is boosted in
part by the record losses in 2008 of nearly $43 billion, the Democrat said. Oil rally fizzles, drops below $80 a
barrel NEW YORK (AP) -- Energy prices sank
Tuesday after job worries sent a monthly measurement of consumer confidence
sharply lower. Benchmark crude for April delivery lost
$1.45 to settle at $78.86 a barrel on the New York Mercantile Exchange. In
London, Brent crude fell $1.36 to settle at $77.25 a barrel on the ICE futures
exchange. Oil prices had been rising for more
than two weeks as a steady drumbeat of reports suggested that manufacturing,
home building and other pillars of the American economy were improving. But the
U.S. continues to struggle with high unemployment, and a slump in consumer
confidence may lead to another summer in which Americans cut back on travel. Home Depot moves to a 4th-quarter
profit NEW YORK (AP) -- Improving sales of
paint, flooring and plumbing show home owners are making a cautious return to
basic do-it-yourself and home decor projects, Home Depot Inc. said Tuesday. Cost-cutting and stronger sales drove
its fiscal fourth-quarter profit higher, the largest U.S. home-improvement
retailer said Tuesday. Home Depot also boosted its quarterly
dividend for the first time since 2006 and gave a 2010 profit forecast above
analyst expectations. Shares briefly touched a 52-week high. Consumers cut back on home-improvement
projects during the recession and housing slump, and Home Depot has responded
to weak sales by scaling back store openings and cutting jobs. New clients and drug prices lift Medco
4Q profit NEW YORK (AP) -- Pharmacy benefits
manager Medco Health Solutions Inc. said Tuesday its profit climbed The results narrowly topped analysts'
expectations and Medco reaffirmed its earnings outlook for 2010. But Wall
Street was concerned about the company's first-quarter outlook. The Franklin Lakes, N.J., company said
profit rose to $341.5 million, or 70 cents per share, in the three months ended
Dec. 26, up from $274.4 million, or 54 cents per share, a year ago. Revenue
rose 18 percent to $15.25 billion from $12.96 billion a year ago. At the
company's Accredo specialty pharmacy business, revenue jumped 18 percent to
$2.46 billion. By The Associated Press The Dow fell 100.97, or 1 percent, to
10,292.41. The Standard & Poor's 500 index
dropped 13.41, or 1.2 percent, to 1,094.60, while the Benchmark crude for April delivery lost
$1.45 to settle at $78.86 a barrel on the New York Mercantile Exchange. In
London, Brent crude fell $1.36 to settle at $77.25 a barrel on the ICE futures
exchange. In other Nymex trading in March
contracts, heating oil fell 4.65 cents to settle at $2.0323 a gallon, while
gasoline lost 5.02 cents to settle at $2.0656 a gallon. Natural gas dropped
11.7 cents to settle at $4.778 per 1,000 cubic feet.