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Business News
Last Update on September 09, 2010 03:57 EDT
WALL STREET
NEW YORK (AP) -- Stocks rallied yesterday as investors reacted well to an auction of Portuguese government debt, lowering the tension level about Europe's outlook.
The Dow Jones industrial average gained 46 points to 10,387. The S&P rose 7 points to 1,099. The Nasdaq added 20 points to 2,229.
Treasury prices bounced off their lows after an auction for 10-year notes was well received by investors. The yield on the 10-year Treasury note, which moves opposite its price, rose to 2.66 percent from 2.60 percent late Tuesday. Its yield helps set interest rates on mortgages and other loans.
WORLD MARKETS
SHANGHAI (AP) -- Asian shares were mostly higher today following advances on Wall Street and in Europe after a successful bond sale by Portugal eased worries over the debt crisis. But Chinese shares fell on worries authorities might do more to cool the property sector.
Asia saw moderate advances, with Japan's Nikkei 225 stock average adding 0.8 percent as the yen softened after hitting a fresh 15-year high against the U.S. dollar on Wednesday.
Hong Kong's Hang Seng index added 0.4 percent.
The benchmark Shanghai Composite Index lost 1.4 percent, as did the Shenzhen Composite Index of China's smaller, second market.
Elsewhere, Australia's S&P/ASX 200 climbed 1 percent and South Korea's Kospi added 0.3 percent.
Among decliners, Taiwan's benchmark share index fell 0.2 percent and New Zealand's shed 0.3 percent.
OIL PRICES
SINGAPORE (AP) -- Oil prices hovered near $75 a barrel today in Asia after a report showed U.S. crude inventories fell more than expected, suggesting demand may be improving.
Benchmark oil for October delivery was down 1 cent at $74.65 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 58 cents to settle at $74.67 on Wednesday.
Crude inventories fell 7.3 million barrels last week, the American Petroleum Institute said late yesterday.
The Energy Department's Energy Information Administration reports its weekly supply data later today.
ECONOMY-DAY AHEAD
WASHINGTON (AP) -- Before today's opening bell on Wall Street, the Labor Department releases the weekly jobless claims. Analysts forecast a modest decline to 470,000. Also this morning, the Commerce Department reports on the nation's trade gap. That is expected to narrow to more than $47 billion.
Additionally, Freddie Mac reports on the weekly averages for mortgage rates.
SEC-CITIGROUP SETTLEMENT
WASHINGTON (AP) -- The government is defending as "fair and adequate" its $75 million settlement with Citigroup Inc. over charges it misled investors about billions in potential losses from subprime mortgages.
The Securities and Exchange Commission made its case in a filing yesterday to a federal judge, who said last month she was "baffled" by the proposed settlement and wasn't ready to approve it. The SEC said the $75 million penalty is "fair, adequate, reasonable and in the public interest."
The SEC announced the settlement in July. The agency had accused Citigroup of repeatedly making misleading statements about the extent of its holdings tied to high-risk mortgages. Citigroup had said the exposure was $13 billion or less; the SEC said it exceeded $50 billion.
TOYS R US-POP-UP STORES
NEW YORK (AP) -- Toys R Us plans to invade the mall this holiday season. It plans to open about 600 temporary "Express" stores in malls and other shopping centers around the country.
That is more than six times last year's 90 pop-up stores. Toys R Us will also hire 10,000 seasonal workers.
The move is the latest in Toys R Us' attempt to capture more holiday dollars amid tough competition from online retailers and mass merchants such as Walmart and Target.
The Toys R Us "Express" stores began opening in June and will continue to open through November. Most will close in January. But some could become permanent outlet stores.
The company, based in Wayne, N.J., operates 848 Toys R Us and Babies R Us stores.
NETFLIX-STREAMING
LOS ANGELES (AP) -- Netflix says it has a deal with the production company behind Sylvester Stallone's "The Expendables" that will add five to 10 new movies per year to its streaming service.
Netflix says the agreement with Nu Image/Millennium Films plans to start streaming the company's releases at the same time that premium movie channels such as HBO and Starz start running them.
Deals like this are part of a long-term strategy at Netflix of making more material available directly over the Web, rather than through the mail. It's a cheaper way to deliver movies and TV shows and has helped the company grow its subscriber base.
Netflix didn't release any financial details related to its deal with Nu Image/Millennium.
The company's other recent releases include "John Rambo," "Brooklyn's Finest," "Righteous Kill," "16 Blocks" and "Black Dahlia."
GOOGLE INSTANT SEARCH
SAN FRANCISCO (AP) -- Google has stepped on the Internet search accelerator by adding a feature that displays results as soon as people begin typing their requests.
The change, called "Google Instant," is the closest the 12-year-old company has come yet to realizing its founders' ambition to build a search engine that reads its users' minds.
The shift means Google users will begin to see an ever-evolving set of search results appearing on their computer screens, potentially changing with each additional character typed. That means a satisfactory set of results could take just one keystroke. As an example, a person who types "w" in Google's search box could see the weather results in the same area as where the request was entered.
Business News
NATIONAL HEADLINES
Obama: Emanuel would be 'terrific' Chicago mayor
Stocks set to continue rally ahead of jobs report
Obama meets senior advisers on Thursday
Florida pastor's plan getting worldwide attention
Tropical Storm Igor barely moving in the Atlantic
Man killed by Vancouver police was Iraq veteran
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BUSINESS NEWS
Stocks rise
NEW YORK (AP) -- Stocks rallied yesterday as investors reacted well to an auction of Portuguese government debt, lowering the tension level about Europe's outlook.
CONSUMER INFO
FDA cites claims on 2 green tea beverages
WASHINGTON (AP) -- The government is giving the blues to two beverage makers for their claims about drinks flavored with green-tea.
The Food and Drug Administration has issued warning letters about the labeling of Canada Dry Sparkling Green Tea Ginger Ale. ...
SCIENCE/TECH NEWS
IN THE NEWS: GOOGLE SPEEDS UP WEB SEARCHING
SAN FRANCISCO (AP) -- When you look something up on Google, the site tells you the results usually in less than a second or so.
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PROSTITUTION-WRONGFUL ARREST
KISSIMMEE, Fla. (AP) -- Orlando mom Paola Londono is no hooker.
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