DETROIT (AP) -- All major automakers
but
The gains may have been even higher
without the blizzards that paralyzed the East Coast.
Other winners included
More merger activity helps lift stocks for
3rd day
NEW YORK (AP) -- The stock market had
its third straight winning day on signs that companies are becoming more
optimistic about the economy.
The Dow Jones industrial average edged
up 2 points to 10,405.98 Tuesday but closed off its best levels. The Dow had
managed to erase its losses for the year during trading but was down 22 points
for 2010 by the close. Broader indexes pushed into the black for the year on
Monday and extended their gains Tuesday.
More merger activity and a plan by
Qualcomm Inc. to buy back stock brought reassurance that business leaders
expect the recovery to continue. The economy's health had been in doubt in
recent months after reports indicated the pace of improvement was slowing and
as countries including Greece struggled with heavy debt loads.
Talks on bank regs zero in on consumer
protections
WASHINGTON (AP) -- More than a year
after
At issue is whether a government
consumer watchdog should be free from bank regulators to write rules that
govern everything from credit card and overdraft fees to payday loans and
mortgages.
Key negotiators in the Senate Banking
Committee are closing in on an agreement that would house a government consumer
entity inside the
Greek PM says more painful spending
cuts needed
ATHENS, Greece (AP) -- Prime Minister
George Papandreou called on Greeks to brace for more painful spending cuts to
deal with an unprecedented financial crisis, saying their sacrifices were
essential to national survival.
In a dramatic speech Tuesday to his
Socialist party's deputies in Parliament, Papandreou said time was running out
to pull the country out of the crisis. His government is to announce further
spending cuts on Wednesday -- likely to include more tax hikes and deeper
reductions in civil servants' pay.
The cuts are aimed at reducing the
deficit, winning firm backing from the European Union and convincing bond
investors that Greece is creditworthy so they will keep lending.
Feds weighing brake overrides in all
new cars
WASHINGTON (AP) -- Transportation
Secretary Ray LaHood said Tuesday his agency may recommend that every new
vehicle sold in the U.S. be equipped with brakes that can override the gas
pedal. The idea seemed to be gaining support among lawmakers as
LaHood's testimony came as federal
safety officials increased to 52 the number of reported deaths linked to sudden
acceleration in
Domino's profit more than doubles on
new recipes
ANN ARBOR, Mich. (AP) -- Revamped pizza
and a frank advertising campaign helped Domino's Pizza Inc. more than double
its fourth-quarter profit as curious customers tried out its new recipe, the
delivery chain said Tuesday.
Executives have said that the chain
decided to start overhauling its recipes more than 18 months ago after mounting
criticism from focus groups and on social media sites. And it boldly admitted
in a series of documentary-style spots that under its old recipe, customers
complained its crust tasted like cardboard and its sauce was reminiscent of ketchup.
The company began promoting its new
pie, which has a new sauce and cheese combination and herb- and garlic-flavored
crust, in December. That helped the company's profit climb to $23.6 million, or
41 cents per share, for the three months that ended Jan. 3.
Postal Service's emerging model: Never
on Saturday
WASHINGTON (AP) -- The post office is
renewing its drive to drop Saturday delivery -- and plans a rate increase -- in
an effort to fend off a projected $7 billion loss this year.
Without drastic action the agency could
face a cumulative loss of $238 billion over 10 years, Postmaster General John
Potter said in releasing a series of consultant reports on agency operations
and its outlook.
Sen. Tom Carper, D-Del., chairman of
the Senate subcommittee with oversight authority over the Postal Service,
called on Congress to give the post office the flexibility to deal with its
future needs.
Frederic V. Rolando, president of the
National Association of Letter Carriers, also urged Congress to provide the
post office with "financial breathing room," but he opposed
eliminating one day of delivery.
Apple sues rival HTC as phone
competition rises
SAN FRANCISCO (AP) -- As
The complaints cover a slew of models
made by Taiwanese phone maker HTC Corp., including the Nexus One, G1 and
myTouch 3G -- all using the free, rival Android mobile operating software from
Google Inc. Non-Android phones include HTC's Touch series.
But consumers shouldn't worry about
buying or using any of those phones. Patent cases can take months or years to
resolve -- sometimes longer than the life of these phones -- and agreements
over licensing and royalty payments often emerge.
AstraZeneca shuffles, eliminates Del.
R&D jobs
DOVER, Del. (AP) -- Pharmaceutical
company AstraZeneca PLC said Tuesday that it is reorganizing its global
research and development operations and eliminating about 1,800 R&D jobs as
part of a previously announced cost-cutting plan.
About 550 jobs will be eliminated at
AstraZeneca's U.S. headquarters in Delaware as it moves primary research and
development elsewhere, the London-based company said.
AstraZeneca also said it will close
research sites in the United Kingdom and Sweden, and that about 3,500 R&D
jobs will be affected as part of a plan announced in January to cut 8,000 jobs,
or 12 percent of its work force, by 2014.
Crude bounces back, climbing near $81 a
barrel
Oil prices rose close to $81 a barrel
on Tuesday, climbing at a time of the year when crude and gasoline prices
typically move higher.
Benchmark crude for April delivery rose
98 cents to settle at $79.68 a barrel on the New York Mercantile Exchange. It
went as high as $80.95 earlier in the day.
Wholesale gasoline prices also
increased. The April contract gained 4.10 cents to settle at $2.1966 per gallon
on the Nymex.
Oil prices have been drifting between
$70 and $80 a barrel for most of the last eight months as crude demand remains
weak in the U.S. and other industrial countries coming out of the Great
Recession.
By The Associated Press
Stock prices... The Dow industrial
average
Commodities.