Ex-Fannie Mae execs try to defend track
record WASHINGTON (AP) -- Two former Daniel Mudd, Stocks rise on more signs of growth;
Dow tops 11K NEW YORK (AP) -- Fresh signs that the
economy continues to recover sent the Dow Jones industrial average briefly
above 11,000 Friday for the first time in 18 months. The Dow hadn't crossed that level since
Sept. 29, 2008, just as the worst phase of the financial crisis was beginning. The Dow very briefly went over 11,000
in the final five minutes of trading Friday before settling slightly lower. The
average of 30 industrial stocks ended with a gain of 70 points to close at
10,997.35. Broader indexes also rose. Wholesale inventories and sales both
post gains WASHINGTON (AP) -- Inventories held by
wholesalers rose by a larger-than-expected amount in February while sales
increased for the 11th consecutive month. The Commerce Department said Friday
that inventories at the wholesale level were up 0.6 percent in February, better
than the 0.4 percent increase analysts had expected. Sales rose 0.8 percent,
surpassing the 0.5 percent rise economists had forecast. The gains were an encouraging sign that
stronger demand is prompting businesses to restock depleted shelves, a
development that will help sustain the economic recovery. Southern California court gets MIAMI (AP) -- A panel of federal judges
on Friday chose Southern California federal court as the location to
consolidate dozens of lawsuits filed in the aftermath of The decision by the U.S. Judicial Panel
on Multidistrict Litigation centralizes more than 200 lawsuits against Selna, 65, whose court is located near
Los Angeles in Orange County, Calif., will hear important pretrial motions for
all cases, eventually leading to trial, settlement or dismissal of the
lawsuits. Better US-China ties could speed
currency change SHANGHAI, China (AP) -- For months,
economists have expected Washington has helped to defuse that
conflict with conciliatory gestures including Thursday's impromptu visit to Constellation Brands posts 4Q loss, dim
forecast ROCHESTER, N.Y. (AP) -- Constellation
Brands Inc., which markets Mondavi wine, Svedka vodka and Corona beer, offered
a lackluster outlook for its alcoholic drinks Friday as U.S. sales of wine and
imported beers remained sluggish in bars and restaurants through the holiday
season. The world's biggest wine company by
volume, with brands such as Robert Mondavi and Clos Du Bois, said its fiscal
fourth-quarter loss from December through February narrowed to $51 million on
sliding sales on spirits and beer and lingering weakness in the key North
American wine market. The company expects to earn $1.53 to
$1.68 per share, while analysts had predicted a $1.77 profit. China passenger car sales up 63 pct in
March SHANGHAI (AP) -- China's passenger car
sales jumped 63 percent in March from a year earlier as manufacturers scrambled
to meet strong demand driven by tax cuts and government subsidies, a
state-affiliated industry group reported Friday. Passenger car sales rose to 1.26
million vehicles in March, according to the China Association of Automobile
Manufacturers. The figures show sustained growth for
automakers in a market that bounced back from a slowdown in late 2008-2009 as
the government pumped hundreds of billions of dollars into economic stimulus. Weak sales in the United States and a
surge in car purchases by newly affluent Chinese buyers helped to make this the
world's largest auto market last year, when total vehicle sales jumped 45
percent over 2008 to 13.6 million units. Oil prices settle below $85 a barrel NEW YORK (AP) -- Oil prices fell Friday
for a third day, dropping below $85 a barrel as traders questioned whether
Americans were burning enough fuel to justify higher prices. The slump in crude wiped out gains from
earlier in the week, when prices jumped to an 18-month high above $87 a barrel.
If oil continues to tumble, it could pull gasoline prices lower. But experts
still predict gasoline will get more expensive this summer as vacationers hit
the road and the driving season begins in earnest. The Massey plans to replace lost W.Va. coal
production CHARLESTON, W.Va. (AP) -- Massey Energy
Co. said Friday it plans to produce more coal from other mines to help recover
from the business damage caused by the deadly West Virginia mine explosion. The Upper Big Branch mine was expected
to produce 1.6 million tons of coal over the final nine months of the year.
Most of it can be replaced by transferring miners from Upper Big Branch and
spare equipment to other mines, Massey said in a regulatory filing. Federal regulators took control of the
mine Monday, shortly after the explosion killed 25 miners. Greece on the edge, bailout terms under
discussion ATHENS, Greece (AP) -- Greece faces the
very real prospect that it will need a bailout designed to prevent the country
from defaulting -- but markets have been on edge as officials work out details
on how a rescue would be carried out. Greece's finance minister said Friday
key aspects of a previously agreed rescue plan by eurozone countries and the
International Monetary Fund were being hammered out, even as he insisted no
bailout was needed. The vaguely worded rescue plan agreed
on in Brussels on March 25 would provide Greece with loans from other eurozone
governments and the International Monetary Fund. By The Associated Press The Dow rose 70.28, or 0.6 percent, to
close at 10,997.35 after briefly trading above 11,000 for the first time in 18
months. The Standard & Poor's 500 index
climbed 7.93, or 0.7 percent, to 1,194.37. The Benchmark crude for May delivery lost
47 cents to settle at $84.92 a barrel on the New York Mercantile Exchange. In London, Brent crude added 2 cents to
settle at $84.83 on the ICE futures exchange. In other Nymex trading in May
contracts, heating oil and gasoline both fell less than a penny to settle at
$2.226 and $2.2893 a gallon, respectively. Natural gas added 16.1 cents to
settle at $4.070 per 1,000 cubic feet.