Wall Street bounces back after 416-point Dow drop
Wall Street rose on Wednesday as Bernanke signaled moderate growth and investors looked for bargains after Tuesday's Dow plunge. The Dow gained 52.39 points to 12,268.63 while the S&P 500 rose to 1,406.82 and the Nasdaq climbed to 2,416.15 amid mixed global markets and ongoing caution.
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Bernanke Seeks Calm After Market Plunge
Federal Reserve Chair Ben Bernanke testified before the House Budget Committee following a 416 point stock decline. He said market operations appear to be functioning normally and that the economy's positive outlook remains intact, noting no single cause for the sell-off amid differing analyst theories.
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Japanese Dominate Auto Ratings Despite Some Domestic Gains
Consumer Reports ranking shows Japanese brands again lead reliability and overall test performance while the Detroit Three show improvement. The 250 vehicles and 1.8 million owner surveys yield all Top-10 as Japanese nameplates, with Toyota Prius named most satisfying for the fourth year. Mercedes-Benz hits high test scores but none recommended due to reliability concerns.
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AK Steel Tentative Deal To End Middletown Lockout
AK Steel Holding Corp says a tentative settlement with Machinists union workers at Middletown Works would end a year-long strike. Union leaders and members weigh the compromise as they await a formal vote likely within a week.
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Goodyear to Freeze Pensions and Raise Retiree Costs
Goodyear Tire and Rubber Co will freeze its pension plan for some workers and raise retiree medical costs as part of a plan to cut costs by 1 billion dollars by 2008 end. A one time after tax charge of about 65 million will hit Q1 and affect about 14 000 salaried and retail workers and 17 000 retirees. Savings up to 290 million are expected through 2009. Medical benefits for retirees rise on January 1. The defined benefit pension plan will be frozen December 31 2008 and replaced with enhanced 401k accounts.
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Katrina claim deadline looms for flood victims
New Orleans residents race to file court claims against the federal government and the Army Corps of Engineers after levee failures from Hurricane Katrina. The deadline, set about 1.5 years after the storm, surprised many as roughly 30,000 claims were already filed and others visited the Leake Avenue office to submit in person. Charles Brown, 47, said he learned of the cutoff only on Sunday.
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Scripps Cuts Q1 Earnings Outlook Over Ads Slump
Cincinnati based E W Scripps Co lowers first quarter earnings guidance to 33 to 87 cents a share from 39 to 43 cents amid weaker newspaper ad sales and smaller online search profits. Q1 2006 earnings were 49 cents, with analysts projecting 43 cents. Full year outlook pending.
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