Stocks pare losses to finish mixed after oil spikes
NEW YORK (AP) -- Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction. Investors hoping for an economic rebound in the second half of the y... |
Oil sets record near $128; pump price at high, too
NEW YORK (AP) -- News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets - the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday. And traders were equally unim... |
Treasury secretary says markets are calmer now
WASHINGTON (AP) -- Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year. In a speech to business executives in Was... |
Surprise rebound in housing, outlook still shaky
 WASHINGTON (AP) -- Construction of new homes increased by the biggest percentage in more than two years in April, a rare spot of good news amid the worst downturn in housing in more than two decades. Analysts, however, played down the increase, noting that all the s... |
GE confirms plans to exit appliance business
NEW HAVEN, Conn. (AP) -- General Electric Co. plans to sell or spin off the business that for a century has put appliances in American homes, a decision that could presage further asset sales, analysts said. The industrial conglomerate, one of the world's largest companies,... |
UN: World economy to grow by 1.8 percent in 2008
 UNITED NATIONS (AP) -- The world economy is "teetering on the brink" of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its mid-year economic projections Thursday. That's down from a global growth rate of 3.8 percent in... |
GM workers ratify local contract to end that strike
LANSING, Mich. (AP) -- A striking United Auto Workers local at a key General Motors Corp. factory ratified a new contract with the company Friday afternoon and will resume production on Monday. UAW Local 602 said on its Web site its members voted 73.5 percent in fav... |
Calif. wine patriarch Robert Mondavi dies at 94
 BERKELEY, Calif. (AP) -- Robert Mondavi, the vintner who built his career and helped an iconic Northern California industry blossom by insisting that Napa Valley wines can compete with the best in the world, died in the valley Friday. He was 94. Mondavi died peacefu... |
Fannie Mae scraps higher downpayment requirements
WASHINGTON (AP) -- Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping. The government-sponsored mortgage finance company said Friday it will require minimum down payments of bet... |
Abercrombie profit edges up on sales increase
COLUMBUS, Ohio (AP) -- Teen retailer Abercrombie & Fitch Co. said Friday that its first-quarter earnings rose 3 percent from a year ago on stronger sales. Abercrombie said it earned $62.1 million, or 69 cents per share, in the three months ended May 3 compared with... |
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