Rising factory output points to
economy's recovery WASHINGTON (AP) -- Rising factory
output and a decline in the pace of layoffs are giving economists confidence
that the recovery has staying power. The government is expected to report
Friday that the economy added jobs in March for only the second time since
December 2007. Still, job creation is likely to remain
weak for years to come, in part because U.S. factories have become more
efficient, producing more goods with fewer workers. On top of that, the
sector's contribution to the overall economy has been shrinking for decades due
to competition from China and other countries where factory workers are paid
much less. Jobs, manufacturing reports boost stock
market NEW YORK (AP) -- Stronger reports on
jobs and manufacturing boosted stocks Thursday ahead of the government's March
employment report. The Dow Jones industrial average rose
70 points to a 2010 high on the final day of a shortened week. The stock market
will be closed Friday and the bond market will close early for Good Friday.
Major stock indexes rose for a fifth straight week. Economists expect the Labor Department
will report that employers added 190,000 jobs last month. That would mark on
the second month of jobs growth since the recession began in December 2007.
Government hiring for the 2010 census could provide a temporary boost, but an
increase would still be welcome news for stock investors. Big deals lure car buyers, lift US
sales in March DETROIT (AP) -- Car shoppers flocked to
showrooms last month, lured by big promotions from The sales point to one conclusion:
March was a good time to buy a new car. New mileage rules: Pay more for cars,
less at pump WASHINGTON (AP) -- Drivers will have to
pay more for cars and trucks, but they'll save at the pump under tough new
federal rules aimed at boosting mileage, cutting emissions and hastening the
next generation of fuel-stingy hybrids and electric cars. The new standards, announced Thursday,
call for a 35.5 miles-per-gallon average within six years, up nearly 10 mpg
from now. By setting national standards for fuel
efficiency and greenhouse gas emissions from tailpipes, the government hopes to
squeeze out more miles per gallon whether you buy a tiny Smart fortwo micro
car, a rugged Dodge Ram pickup truck or something in between. Brand name, low price make Primerica
IPO a hit NEW YORK (AP) -- Primerica Inc., a unit
of The Primerica offering comes as
analysts expect technology and financial companies to lead an IPO market
comeback. Five newly public companies have posted double-digit gains on their
first day of trading in the past two weeks. Shares of Primerica surged $4.65, or 31
percent, to close at $19.65 after the deal raised $320.4 million by selling
21.4 million shares for $15 apiece to initial investors. The stock, which
reached $20.20 during the session, trades under the ticker "PRI." CarMax 4Q profit doubles, revenue up RICHMOND, Va. (AP) -- Used car
dealership chain CarMax Inc. said Thursday its fourth-quarter earnings doubled
as higher prices and increased customer traffic drove sales. It also plans to
resume store growth, a sign of recovery from the worst U.S. auto sales market
in decades. Its shares climbed 55 cents, or 2.2
percent, to $25.67 in morning trading after trading at a 52-week high of $26.35
earlier in the session. Stronger sales and profits as well as
increasing stability in the credit markets will allow the Richmond company to
open between eight and 15 stores over fiscal 2012 and 2013, said CEO Tom
Folliard. It also will open three previously built stores this fiscal year,
which it had announced last quarter. Oil settles near $85, higher fuel costs
ahead Oil prices have been stuck in a range
of about $70 to $85 a barrel for months. That may be changing and it could mean
higher fuel costs before long. Crude pushed to an 18-month high
Thursday, passing $85 a barrel at one point, driven by a growing sense of
optimism that the world will need more oil as it pulls out of the Great
Recession. Now worries are starting to crop up that the rally for oil could
lead to nasty results if prices keep climbing and choke off the economic
recovery. Motorists already feel the rising cost
of oil at the pump, where the average nationwide retail price of gasoline is at
the highest level since October 2008 and is expected to top $3 per gallon this
spring or summer. LEHIGH ACRES, Fla. (AP) -- With a
use-it-or-lose-it deadline just months away, communities have spent less than
half of $4 billion available under a federal program to redevelop abandoned and
foreclosed properties. Some city, state and county officials
say they've been stymied by confusing and ever-changing federal rules for the
money, awarded in the midst of the nation's foreclosure crisis. A year after the Neighborhood
Stabilization Program started, about a third of more than 300 local governments
given the help have barely made a dent in their funds, according to a recent
U.S. Geithner: Disparity in recovery 'deeply
unfair' WASHINGTON (AP) -- Treasury Secretary
Timothy Geithner said Thursday it's "deeply unfair" that some
financial institutions that got taxpayer-paid bailouts are emerging in better
shape from the recession than millions of ordinary Americans. He acknowledged public outrage over
that and said people watched with disdain as Washington protected the banks and
investment houses whose risky bets caused the crisis, even as the national
unemployment rate was soaring to double-digit levels for the first time in a
generation. But in a nationally broadcast
interview, Geithner also argued that President US drug sales growth bounced back in
2009 WASHINGTON (AP) -- Growth in U.S. sales
of pharmaceuticals bounced back last year as rebates and low-cost generic drugs
drove an increase in the number of prescriptions filled, according to data
tracking firm IMS Health. U.S. pharmaceutical sales climbed 5.1
percent to $300.3 billion in 2009 after two prior years of slower growth. IMS
Health attributed the turnaround to increased filling of prescriptions, which
grew at a 2.1 percent pace compared with 1 percent in 2008. In response to the economic downturn,
drugmakers have been offering co-pay coupons and other programs to help patients
pay for their prescriptions. Those programs combined with offers on low-cost
generic drugs from By The Associated Press The Dow rose 70.44, or 0.7 percent, to
10,927.07. The Standard & Poor's 500 index
rose 8.67, or 0.7 percent, to 1,178.10. The technology-dominated Benchmark crude for May delivery rose
$1.11 to settle at $84.87 a barrel on the New York Mercantile Exchange after
climbing to an 18-month high. In other Nymex trading in May
contracts, heating oil rose 3.77 cents to settle at $2.2167 a gallon, and
gasoline gained 1.65 cents to settle at $2.3237 a gallon. Natural gas added
2.17 cents to settle at $4.086 per 1,000 cubic feet. In London, Brent crude rose $1.31 to
settle at $84.01 on the ICE futures exchange.