Year-end growth spurt not likely to be
repeated WASHINGTON (AP) -- The burst of energy
the economy showed at the end of last year isn't likely to be repeated anytime
soon. The Commerce Department reported Friday
that the economy grew at a 5.6 percent pace in the October-to-December quarter
in its third and final estimate of economic activity during the period. Even though growth turned out to be a
tad less than the government's prior two estimates for the quarter, the new
reading still marked the strongest showing in six years. Many economists,
however, think the economy has slowed in the current quarter to about half the
pace seen at the end of last year. European leaders: Greece plan to
stabilize euro BRUSSELS (AP) -- A hard-won deal to
provide a safety net for Greece provided the debt-ridden country with some
welcome relief Friday, with its cost of borrowing on international markets
edging down slightly and labor unions at home saying they would hold off on any
further strikes -- at least for now. Prime Minister George Papandreou said
that while Greece still faced problems, the new plan would give it breathing
space to implement his Socialist government's harsh austerity program, designed
to reduce its massive budget deficit and pull Greece out of a financial crisis
that has rocked the European Union's common currency. Stocks give up early gains for 2nd
straight day NEW YORK (AP) -- Stocks closed mixed
for a second day after investors grew pessimistic about the market's ability to
keep its rally going. The Dow Jones industrial average rose 9
points to 10,850.36 Friday. It had been up as much as 68 after European leaders
announced a plan to help Greece with its debts. A similar advance and retreat
occurred Thursday. Analysts see that pattern as a sign of an overheated market.
The Dow has climbed 16 of the last 21 days. Major stock indexes still managed to
rise for a fourth straight week. Gov't unveils plan to shrink some home
loans WASHINGTON (AP) -- Under pressure to
stem the foreclosure crisis, the Obama administration launched a plan Friday to
reduce the amount some troubled borrowers owe on their home loans and give
jobless homeowners a temporary break. Administration officials cautioned that
the plan won't stop all foreclosures or help all troubled homeowners. Instead,
officials said their goal is to meet their original target, announced last
year, of helping 3 million to 4 million borrowers avoid foreclosure. Administration officials played down
any notion that the new plan would solve the foreclosure epidemic. About 6
million homeowners have missed at least two months of payments. State jobless rates stabilize as
layoffs slow WASHINGTON (AP) -- State unemployment
rates stabilized last month, reflecting a broader nationwide trend, according
to a Labor Department report Friday. Sixteen states said their jobless rate was
unchanged in February, seven reported declines and 27 reported increases. That's an improvement from January,
when 30 states saw their rates rise, and much better than December, when
joblessness rose in 43 states. The nationwide unemployment rate was
9.7 percent in February, the same as the previous month. Layoffs are slowing as
the economy is recovering and there are signs that employers are stepping up
hiring. AT&T will take $1B non-cash charge
for health care NEW YORK (AP) -- AT&T Inc. will
take a $1 billion non-cash accounting charge in the first quarter because of
the health care overhaul and may cut benefits it offers to current and retired
workers. The charge is the largest disclosed so
far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and
Valero Energy announced similar accounting charges, saying the health care law
that President GM to add workers, boost output at
Canadian plants DETROIT (AP) -- The company announced Friday that it
will add equipment and reconfigure the body-making shop at its factory in
Ingersoll, Ontario, where it makes the Chevrolet Equinox and GMC Terrain
crossovers. It also will put hundreds of workers
back on the clock at a factory in Oshawa, Ontario, and add equipment to the
plant so it can make Equinoxes in addition to its current product, the
Chevrolet Impala full-size sedan. Chrysler to let 50 dealers rejoin sales
network DETROIT (AP) -- If your local Chrysler
dealer was forced out of business by the company last year, it could soon be
selling new cars again. Chrysler Group LLC said Friday it is
offering to reinstate 50 of the 789 dealers that it previously tried to drop
while it was making its way through Chapter 11 bankruptcy protection. The 50 Chrysler dealers, which the
company would not identify, are in areas that can offer service to customers
without hurting the remaining stores in its network of 2,334 dealers selling
Chrysler, Dodge and Jeep vehicles in the U.S., the company said. The dealers
being offered reinstatement have not yet been notified of the company's
decision, a spokeswoman said. Drivers catch a break as gas prices
hold steady NEW YORK (AP) -- Motorists filling up
for weekend driving caught a small break at the pump Friday, as average retail
gasoline prices held steady at the same level as a week ago. Nationwide average retail prices shed
less than a penny overnight to $2.811 a gallon. Pump prices are 13.3 cents
higher than a month ago and 80.2 cents more expensive than the same time last
year, according to AAA, Wright Express and Oil Price Information Service.
Motorists are paying 16 cents per gallon more now than they were at the start
of the year. TOKYO (AP) -- The world's No. 1 automaker will
suspend output at it plant in France for four days starting April 6, said
spokeswoman Ririko Takeuchi. In early June, By The Associated Press The Dow rose 9.15, or 0.1 percent, to
10,850.36. The Standard & Poor's 500 index
rose 0.86, or 0.1 percent, to 1,166.59, while the Benchmark crude for May delivery fell
53 cents to settle at $80 a barrel on the New York Mercantile Exchange. In other Nymex trading in April
contracts, heating oil rose a fraction to settle at $2.0697 a gallon, and
gasoline lost 1.03 cents to settle at $2.1975 a gallon. Natural gas gave up
10.9 cents to settle at $3.981 per 1,000 cubic feet. In London, Brent crude fell 32 cents to
settle at $79.29 on the ICE futures exchange.