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Last Update on February 09, 2012 08:35 GMT
NEW YORK (AP) -- Stocks managed to close higher yesterday as news about Greece and its massive debt remained promising. It could be different today since crucial talks between three Greek parties ran into another bump after the markets closed.
The Dow rose almost 6 points Wednesday to just under 12,884. At one point, it was down almost 60 points. The S&P 500 edged up 2.91 points to 1,346, while the Nasdaq composite added almost 12 points to 2,915.
BANGKOK (AP) -- Asian stocks fell today after data showed inflation in China was heating up again, complicating efforts by Beijing to stimulate the world's No. 2 economy.
A snag in talks to prevent Greece going bankrupt also weighed on sentiment. A crucial meeting aimed at averting the country's bankruptcy ended Thursday morning without definite results.
Benchmark crude oil hovered below $99 per barrel while the dollar rose against the euro and the yen.
WASHINGTON (AP) -- Three economic reports are slated for release this morning.
The Labor Department will have the latest on new claims for jobless benefits. Later, the Commerce Department reports on wholesale trade inventories for December, and Freddie Mac releases its weekly report on mortgage rates.
ALBANY, N.Y. (AP) -- New York and California are said to be ready to sign the proposed settlement between states and the nation's biggest mortgage lenders over foreclosure abuses.
According to a source close to the negotiations, Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial have agreed to a settlement of an estimated $37 billion. The money would be used to lower homeowners' mortgage principal, for refinancing, a reserve account, and checks to homeowners.
But the banks are seeking releases from further legal liability. The settlement grants immunity from civil lawsuits brought by the state attorneys general against the lenders over narrowly defined "robo-signing" cases.
LOS ANGELES (AP) -- The U.S. housing market will begin to mount a turnaround this year, building toward a solid recovery in 2013, according to a forecast issued yesterday by the chief economist of a homebuilding industry trade group.
The outlook by National Association of Home Builders Chief Economist David Crowe calls for U.S. sales of new homes and single-family home construction to improve this year compared to 2011, when they hit record lows.
He sees sales of new, single-family homes climbing 19 percent this year to 360,000, up from 303,000 last year. Next year, he expects those sales to rise by a whopping 40 percent to 505,000.
But the forecast still leaves new home sales and construction well below the levels of a healthy housing market. That reflects the severity of the industry's downturn, and suggests the housing market could be years away from full health
ATHENS, Greece (AP) -- Greece failed to finalize terms for a crucial bailout today but Finance Minister Evangelos Venizelos headed to Brussels to meet top EU officials, hoping to rescue the agreement and stave off bankruptcy.
The Athens talks stalled after leaders of the three parties backing Greece's coalition government approved sweeping new austerity measures but failed to agree to creditors' demands to make $398 million in pension cuts.
Venizelos issued a dramatic plea to the coalition leaders to swiftly resolve their differences, warning that Greece's "survival over the coming years" depends on bailout and a related debt-relief agreement with private creditors.
WASHINGTON (AP) -- Federal regulators are considering a plan to build the nation's first nuclear power plant in a generation.
The Nuclear Regulatory Commission is set to vote today on Atlanta-based Southern Co.'s request to build two new reactors at Plant Vogtle in eastern Georgia.
If approved, the $14 billion reactors could begin operating as soon as 2016 and 2017.
The NRC last approved construction of a nuclear plant in 1978, a year before a partial meltdown of the Three Mile Island nuclear plant in Pennsylvania.
The NRC approved a new reactor design for the Vogtle plant in December. Utility companies in Florida and the Carolinas also plan new reactors that use the same design.
The planned reactors are the remnants of a once-anticipated building boom that the power industry dubbed the "nuclear renaissance."
President Barack Obama and other proponents say greater use of nuclear power could cut the nation's reliance on fossil fuels and create energy without producing emissions blamed for global warming.
SAN FRANCISCO (AP) -- Diamond Foods is replacing its CEO and chief financial officer after an internal investigation found that the company improperly accounted for payments to walnut growers and needs to restate two years of financial results.
The news sent shares of the San Francisco-based company plummeting more than 43 percent in after-hours trading.
Diamond Foods, which makes Emerald Nuts and Pop Secret popcorn, has been embroiled in a dispute over the payments for several months. The company said that its audit committee found that the payments were booked in the wrong period.
The payments -- an estimated $20 million in 2010 and $60 million in 2011 -- skewed the company's financial results.
BEIJING (AP) -- China's inflation rebounded in January as food prices soared, renewing pressure on the communist government to control surging living costs while it tries to boost slowing economic growth.
Consumer prices rose 4.5 percent over a year earlier in January, up from the previous month's 4.1 percent. Food prices jumped 10.5 percent, accelerating sharply from December's 9.1 percent rise.
The rebound will complicate efforts by Beijing to stimulate the cooling economy by easing curbs on lending and investment.
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Stocks rally from early losses to close higher
NEW YORK (AP) -- Stocks managed to close higher yesterday as news about Greece and its massive debt remained promising. It could be different today since crucial talks between three Greek parties ran into another bump after the markets closed.
Looking for work? There may be an app for that
SAN FRANCISCO (AP) -- Looking for a promising career in a lousy economy? A new study suggests you're apt to find it in the apps built for smartphones, computer tablets and Facebook's online social network. ...
IN THE NEWS: SUING TO STOP GOOGLE
SAN FRANCISCO (AP) -- A consumer watchdog group wants to keep Google from making sweeping changes to its privacy policies next month.
RECORD SPACE PLUNGE
ROSWELL, N.M. (AP) -- Daredevil Felix Baumgartner wants to be the next U-F-O -- an unbelievable falling object.
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