US service sector gauge grows faster in
March NEW YORK (AP) -- The U.S. service
sector grew in March at its fastest pace in more than two years, suggesting the
economic recovery is expanding from the nation's factories to its shops,
restaurants, hospitals and other big sources of jobs. The Institute for Supply Management, a
trade group, said Monday its service index rose to 55.4 in March from 53 in
February. Economists surveyed by Thomson Reuters
had expected a reading of 54. Any reading above 50 signals expansion. It is the strongest pace of growth
since ISM revised how it measured the service sector in January 2008. Pending home sales rise 8.2 percent in
February WASHINGTON (AP) -- The housing market
is coming back from the winter doldrums. The number of buyers who agreed to
purchase previously occupied homes rose sharply in February, far exceeding
expectations, a report said Monday. That's a sign that a second round of
government incentives is pushing buyers to make offers before a deadline at the
end of this month. Buyers may also be motivated by worries that mortgage rates
will climb later this year. The Stronger jobs, services reports send
stocks higher NEW YORK (AP) -- Stronger reports on
jobs and services industries lifted the stock market Monday and pushed the Dow
Jones industrial average toward the 11,000 mark. The Dow rose 46 points to 10,973.55,
closer to crossing the psychological benchmark of 11,000 for the first time in
18 months. The growing confidence about the economy hurt demand for Treasurys
and drove up interest rates. The yield on the 10-year Treasury note briefly
rose to 4 percent, its highest level since June. Major stock indexes have been climbing
for 13 months with little interruption. Since February, stocks have drawn most
of their gains from steady advances rather than the big bursts higher that
occurred last year. WASHINGTON (AP) -- Transportation Secretary Ray LaHood
said Monday that documents obtained from the Japanese automaker showed that GM to use brake safety measure
worldwide DETROIT (AP) -- The announcement Monday comes as
federal regulators consider making the technology mandatory on new cars and
trucks after GM has not had major problems with
unintended acceleration, but the company said it was taking the step as a means
of reassuring customers about the safety of its vehicles. Apple sells more than 300,000 iPads on
first day SEATTLE (AP) -- The total seemed modest given the weeks
of hype about the revolutionary nature of Apple's new touch-screen tablet
device. Furthermore, the figures included pre-orders that were picked up or
delivered Saturday and iPads sent to retail stores such as Best Buy but not
necessarily purchased. Apple did not say how many went to such stores. Assuming most of the 300,000 iPads
ended up in the hands of consumers Saturday, though, the figure is in line with
the number of iPhones that Apple sold when the smart phone made its debut in
June 2007. Gov't aims to help more
"underwater" homeowners WASHINGTON (AP) -- The government
launched a new effort on Monday to speed up the time-consuming,
often-frustrating process of selling your home if you owe more than it's worth. The Obama administration will give
$3,000 for moving expenses to homeowners who complete such a sale -- known as a
short sale -- or agree to turn over the deed of the property to the lender.
It's designed for homeowners who are in financial trouble but don't qualify for
the administration's $75 billion mortgage modification program. Owners will still lose their homes, but
a short sale or deed in lieu of foreclosure doesn't hurt a borrower's credit
score for as much time as a foreclosure. AP Source: Report on Social Security
delayed WASHINGTON (AP) -- The Obama
administration is delaying release of the annual report on the financial health
of Social Security and Medicare so that the new report can reflect the impact
of the recently passed health care overhaul. An administration official told The
Associated Press that this year's trustees report will be delayed until June
30, three months later than it usually comes out. The official, who spoke on condition of
anonymity before the formal announcement, said Monday that the delay will allow
the government to determine the impact of the massive overhaul of health care
that President Gasoline, oil break out to 18-month highs New reports showing improvement in the
housing and services sectors combined with encouraging employment data to send
oil and gasoline prices to an 18-month high Monday. After months of trading in a range of
$75 to $85, a recent rally driven by positive U.S. economic news has some
analysts wondering if oil could make its first foray into triple digits since
late 2008. But that's also raised concerns about an increase in gasoline prices
that could hurt consumers just as they're starting to spend again. On Monday, reports on pending home
sales and the service sector came in better than expected. At the end of last
week, the Labor Department said the country posted its best growth in jobs in
three years and its fastest growth in industrial activity since July 2004. Overstock's brash CEO delivers 1st
annual profit SALT LAKE CITY (AP) -- If
Overstock.com's unconventional CEO had a defining moment, it might have been a
conference call he had with investors five years ago. For an hour, Patrick Byrne lashed out at
what he called a conspiracy of short sellers and others plotting to destroy his
company's share price so a "bottom feeder" could take over the
Internet discounter. Byrne says his point was to expose "crooked"
hedge funds and how federal regulators were powerless to stop them. "We've got a group of parasites
who have found a loophole that they can keep on using to just drain resources
out of entrepreneurs in America, and in the process kill small companies,"
Byrne thundered on the call. By The Associated Press The Dow rose 46.48, or 0.4 percent, to
10,973.55, its highest close in 18 months. The broader Standard & Poor's 500
index rose 9.34, or 0.8 percent, to 1,187.44. It also stands at an 18-month
high. The technology-dominated Benchmark crude for May delivery rose
$1.75 to settle at $86.62 a barrel on the New York Mercantile Exchange. In other Nymex trading in May
contracts, heating oil rose 5.08 cents to settle at $2.2675 a gallon, and
gasoline gained 2.65 cents to settle at $2.3502 a gallon. Natural gas picked up
19.1 cents to settle at $4.277 per 1,000 cubic feet. In London, Brent crude added $1.87 to
settle at $85.88 on the ICE futures exchange.