ALL RECENT AP STORIES

It's the narcissist rally. Sure, there are plenty of forces pushing stocks higher _ record corporate earnings, small investors finally buying again, signs the U.S. economy may be strengthening, central banks flooding the financial system with money. But you may want to spare a thought, and a healthy dose of worry, for what is one of the biggest, and least appreciated, reasons for the rally: buybacks. Flush with cash and a world of opportunity at their doorstep, companies have decided there's...

Encouraging news about the U.S. economy extended the stock market's rally Friday. Small-company stocks rose the most, a sign that investors are taking on more risk. Two companies soared in their stock-market debuts in the latest indication that the market for initial public offerings is reviving. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering. Stocks closed higher for...

Key barometers in the Treasury market late Friday, compared with late Thursday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note _62.5 cents +46.9 cents 30-year bond _$1.28 +$1.09 Yields --- --- 1-month bill 0.04 0.00 3-month bill 0.03 0.03 6-month bill ...

Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE J.C. Penney Co., down 78 cents at $18.01 Still reeling from its former CEO's turnaround plan, the department-store chain said that its loss in the first quarter widened. Stage Stores Inc., down $1.89 at $24.19 The department-store operator's first-quarter loss widened as it spent to consolidate some facilities and struggled to get shoppers in its doors. Nordstrom Inc.,...

THE FUTURE IS BRIGHT: Positive reports on leading economic indicators and consumer confidence gave the stock market a boost on Friday, helping stocks to their fourth consecutive week of gains. ONE YEAR ON: On the anniversary of its much-hyped initial public offering, Facebook edged higher to close up 12 cents, or 0.5 percent, at $26.25. That's still more than 30 percent below its IPO price of $38. HOW IT'S DONE: Tableau Software showed Facebook how it's done, surging $19.75, or 64 percent, to...

A research report by the Pew Charitable Trusts says younger baby boomers and Generation Xers face an uncertain retirement because of reduced savings, high levels of debt, and losses during the Great Recession. The study found that members of Generation X, who are now between 38 and 47 years old, lost almost half their wealth between 2007 and 2010. Young baby boomers, who are between 48 and 57, lost more money but a smaller portion of their overall wealth. The report says both of those groups are...

Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 16 16,696,865 Statutory debt limit N/A Total public debt outstanding May 16 16,734,809 Operating balance May 16 35,791 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...

Encouraging news about the U.S. economy is extending the stock market's rally. U.S. stock indexes rose for the fourth week in a row and are at record levels. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence. The Dow Jones industrial average rose 121 points to close at 15,354 Friday, an increase of 0.8 percent. The Standard & Poor's 500 climbed 15.65 points, or 1 percent, to 1,666.12. The Nasdaq composite rose 33 points to...

Encouraging news about the U.S. economy pushed stock prices higher on Wall Street Friday. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering. The Dow Jones industrial average and the Standard & Poor's 500 index ended higher for a fourth straight week. The Dow Jones industrial average rose 121.18 points, or 0.8 percent, to close at 15,354.40. The Standard & Poor's...

Legislation cleared the House on Friday that would place stricter requirements on the federal agency overseeing Wall Street to assess the costs and benefits of its regulations before they are issued. The bill passed on a 235-161 vote mostly on party lines. It was the latest salvo against the Securities and Exchange Commission by House Republicans, who opposed the 2010 financial overhaul legislation expanding the SEC's powers and have resisted increasing its budget. Congress enacted the regulatory...

Cyprus on Friday got rid of limits on money transfers and withdrawals for international clients of another eight foreign banks doing business in the debt-laden country. The Finance Ministry said in a new decree the capital control exemptions now apply to Lebanon's Banque Bemo, BBAC, Credit Libanais and Bank of Beirut, France-based Banque SBA, Britain's Barclays, Jordan's Ahli Bank and the Ukraine's Privatbank. This raises the number of exempted foreign banks to 12, although limits, such as a...

TUESDAY, May 21 WASHINGTON _ Senate Finance Committee hearing on the Internal Revenue Services and the increased scrutiny of certain tax-exempt groups. Best Buy Co. Inc. reports quarterly financial results. The Home Depot Inc. reports quarterly financial results. WEDNESDAY, May 22 WASHINGTON _ National Association of Realtors releases existing home sales for April, 10 a.m.; Federal Reserve releases minutes from April interest-rate meeting; Federal Reserve Chairman Ben Bernanke testifies about...

The Mexican government says it has cut its economic growth forecast for 2013 from 3.5 percent to 3.1 after exports stagnated and first-quarter GDP figures came in weak. The Treasury Department says growth in the first quarter was only 0.8 percent, in part because Easter vacations fell in March instead of April as they did in 2012. Industrial production fell by 1.5 percent in the first quarter. Non-oil exports were largely unchanged, as compared to the same quarter of the previous year.

Grains futures were mixed Friday on the Chicago Board of Trade. Wheat for July delivery fell 4.5 cents to $6.8325 a bushel July corn rose 11.25 cents to $6.5275 a bushel July oats slipped 2.25 cents to $3.755 a bushel while July soybeans jumped 21 cents to $14.485 a bushel. Beef and pork prices fell on the Chicago Mercantile Exchange. June live cattle fell 0.50 cent to $1.1940 a pound August feeder cattle fell 1.75 cent to $1.4337 a pound June lean hogs fell 1.35 cent to 91.52...

Key currency exchange rates Friday, compared with late Thursday in New York: Dollar vs: Exchange Rate Pvs Day Yen 103.18 102.06 Euro $1.2829 $1.2907 Pound $1.5173 $1.5307 Swiss franc 0.9729 0.9614 Canadian dollar 1.0284 1.0168 Mexican peso 12.3411 12.2659 Metal Price (troy oz.) Pvs Day NY Merc Gold $1364.90 $1387.10 NY HSBC Bank US $1362.50 $1386.00...

Treasury Secretary Jacob Lew told Congress on Friday that the administration will begin taking steps next week to avoid a default on the nation's debt until Congress votes to raise the government's borrowing limit. Lew said those measures should provide enough maneuvering room to let the government keep borrowing until after Labor Day. Private economists have estimated that the government will be able to keep from breaching the debt limit until late October or November. In part, that's because...

Steady hiring helped lower unemployment rates in 40 U.S. states in April, the most in five months. The declines show the job market's recent improvement has been widespread. Unemployment rates increased in only three states, the Labor Department said Friday: Louisiana, Tennessee and North Dakota. Rates were unchanged in seven states. Here are the unemployment rates for each state, compared with the previous month and a year earlier: April 2012 March 2013 April 2013 Alabama ...

Solid hiring helped lower unemployment rates in 40 U.S. states last month, the most since November. The declines show the job market is improving throughout most of the country. The Labor Department said Friday that unemployment rates increased in only three states: Louisiana, Tennessee and North Dakota. Rates were unchanged in seven states. California, New York and South Carolina all reported the largest unemployment rate declines in April. Each state's rate fell by 0.4 percentage points. The...

Attention, bargain-hunters around the world: Japanese goods _ from cars to televisions _ are going on sale. Credit Japan's drive to pump cash into its economy to stimulate growth. The extra money flooding its financial system is helping shrink the value of the yen. A U.S. dollar now buys about 100 yen. Last fall, it bought fewer than 80. When the yen's value falls, many Japanese goods become less expensive worldwide. Toyotas become cheaper in Germany, the United States and South Korea. So do...

Encouraging news about the U.S. economy is helping push stock prices higher on Wall Street. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering. The Dow Jones industrial average was up 63 points at 15,296 at noon Eastern Daylight Time Friday, an increase of 0.4 percent. The Standard & Poor's 500 was up eight points at 1,658, or 0.5 percent. The Nasdaq composite rose...

The European auto industry may be showing the first signs of a slowdown in its sales free-fall, according to data from the European automaker's association. New car registrations in April were up 1.7 percent on the same time last year, the ACEA's latest figures show. Although the April rise has more to do with the two extra work days last month due to an early Easter, sales figures for the year so far gave some cause for hope. Last month, the ACEA showed registrations for the first three months...

Average U.S. mortgage rates rose this week but remained near historic lows. . Here's a look at rates for fixed and adjustable mortgages this week and over the past year: Current avg. Last week 52-week high 52-week low 30-year fixed 3.51 3.42 3.78 3.31 15-year fixed 2.69 2.61 3.04 2.56 5-year adjustable 2.62 2.58 2.84 2.56 1-year adjustable 2.55 2.53 2.79 2.52...

The legacy of J.C. Penney's former CEO is being felt at the department-store chain. Penney on Thursday reported that it widened its loss in the first quarter on a 16 percent drop in revenue. It marks the fifth-straight quarter that the company has posted large declines. The company's stock fell 2 percent in extended trading after the earnings report was published. The results show that J.C. Penney Co. Inc. is still reeling from the turnaround plan orchestrated by its former CEO Ron Johnson,...

Brewing giant Anheuser-Busch InBev says it no longer has plans to acquire Czech brewer Budejovicky Budvar, with whom it has been fighting a long legal battle over the use of the "Budweiser" brand. Frank Hellwig, legal director for AB InBev, says "we don't have any plans, or intention, or desire to buy Budvar" as a way of solving the dispute. Hellwig said Thursday that such an acquisition, which it had considered in the past, doesn't make commercial sense since AB InBev is doing well registering...

Total U.S. money market mutual fund assets fell $1.04 billion to $2.582 trillion for the week that ended Wednesday, according to the Investment Company Institute. Assets of the nation's retail money market mutual funds fell $1.30 billion to $892.45 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $910 million to $705.2 billion. Tax-exempt retail fund assets fell $380 million to $187.24 billion. Meanwhile assets...

Shares of homebuilder William Lyon Homes rose 2 percent after the company's stock was sold to the public Thursday. The stock, which had been trading over the counter before its debut Thursday on the New York Stock Exchange, closed at $25.50, up 50 cents from its starting price of $25. Shares of William Lyons that had traded over the counter closed at $29.70 Wednesday after a reverse stock split, which reduced the amount of shares available. The reverse stock split gave investors 1 new share for...

In a quest to speed up the boarding process, American Airlines is letting passengers board sooner if they travel lightly. The airline said Thursday that people carrying just a personal item that fits under the seat _ no rolling suitcases _ will be allowed to board before most other passengers. American said that the change will allow flights to take off sooner, helping the airline improve its on-time performance. Airline officials say boarding times have increased in the last few years. The...

Average U.S. rates on fixed mortgages rose this week but stayed near their historic lows. Cheaper mortgages have helped the economy by spurring more home-buying and refinancing. Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan increased to 3.51 percent from 3.42 percent last week. That's still near the average of 3.31 percent reached in November, the lowest on records dating to 1971. The average on the 15-year loan rose to 2.69 percent. That's up from 2.61 percent...

Nordstrom Inc. said Thursday its first-quarter net income fell 3 percent, hurt by weak demand for spring merchandise and softer performance in the Northeast and Midwest. The results were below Wall Street estimates, a rare miss for the luxury retailer given that higher-end spenders have generally kept shopping in the lackluster economy. The company's stock fell more than 3 percent in aftermarket trading. Nordstrom said it had lower sales trends in seasonal products, as well as in the Northeast,...

RARE DROP: Signs of a slowing economy combined with comments from a Federal Reserve official helped pull the stock market down Thursday. It was only the third drop for the S&P 500 index this month. THE NEWS: Applications for unemployment benefits rose last week and manufacturing slowed in the mid-Atlantic region. Wal-Mart Stores sank after warning of weaker earnings ahead. FINAL SCORE: The Dow Jones industrial average fell 42.47 points to 15,233.22, a loss of 0.3 percent. The Standard &...

Key barometers in the Treasury market late Thursday, compared with late Wednesday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note +46.9 cents +34.3 cents 30-year bond +$1.09 +62.5 cents Yields --- --- 1-month bill 0.00 0.01 3-month bill 0.03 0.04 6-month bill ...

Signs of a slowing economy combined with comments from a Federal Reserve official helped pull the stock market down Thursday. The news on the U.S. economy gave investors little to get excited about. Applications for unemployment benefits rose last week and manufacturing slowed in the mid-Atlantic region. Wal-Mart Stores sank after warning of weaker earnings ahead. The Dow Jones industrial average fell 42.47 points, or 0.3 percent, to close at 15,233.22. The Standard & Poor's 500 index fell...

Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Kohl's Corp., up $2.35 at $52.03 The department store chain said that its first-quarter net income fell 5 percent, but its results still beat Wall Street predictions. Dillard's Inc., up $1.96 at $91.05 Because of higher sales the department store operator reported improved profit during its fiscal first quarter. Prestige Brands Holdings Inc., down 62 cent at $29.11...

A federal judge has ordered Dow Chemical Co. to pay $1.21 billion in damages after it lost a class-action lawsuit that accused it of conspiring to fix prices. Dow says it will appeal. The Feb. 20 jury verdict in federal court in Kansas City, Kan., was for Dow to pay $400 million in damages. The jury decided that Dow had participated in a price-fixing conspiracy for the chemical urethane, which is used in a wide variety of products. Dow, based in Midland, Mich., had asked the judge for a new...

Only two of 13 small SUVs performed well in front-end crash tests done by an insurance industry group, with several popular models faring poorly in the evaluations. Subaru's 2014 Forester was the only vehicle to get the top "good" rating in the results released Thursday. The 2013 Mitsubishi Outlander Sport was rated as "acceptable." But fast-selling models such as the Ford Escape, Honda CR-V and Jeep Wrangler received only "marginal" or "poor" ratings from the Insurance Institute for Highway Safety....

Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 15 16,727,099 Statutory debt limit N/A Total public debt outstanding May 15 16,765,041 Operating balance May 15 69,489 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...

HOME BUILDING: U.S. builders broke ground on fewer homes in April, one month after topping the 1 million mark for the first time since 2008. Construction fell 16.5 percent in April, but most of the decline was in apartment construction, which tends to vary sharply from month to month. PERMITS UP: Applications for new construction, a good barometer of future activity, surged 14.3 percent to a seasonally adjusted annual rate of 1.02 million, the most since June 2008. OUTLOOK: Economists believe...

Key currency exchange rates Thursday, compared with late Wednesday in New York: Dollar vs: Exchange Rate Pvs Day Yen 102.06 102.32 Euro $1.2907 $1.2875 Pound $1.5307 $1.5220 Swiss franc 0.9614 0.9658 Canadian dollar 1.0168 1.0175 Mexican peso 12.2659 12.2296 Metal Price (troy oz.) Pvs Day NY Merc Gold $1387.10 $1396.50 NY HSBC Bank US $1386.00 $1395.00...

BIG PRICE DROP: A plunge in the cost of gas drove down a measure of U.S. consumer prices last month by the most since December 2008. The consumer price index fell 0.4 percent in April from March. INFLATION TAME: Excluding fuel costs, prices were largely unchanged. And for the 12 months that ended in April, overall prices rose just 1.1 percent _ the smallest yearly increase in 2 1/2 years. FED WORRIES: Scant inflation allows the Federal Reserve to continue its extraordinary efforts to stimulate...

APPLICATIONS JUMP: The number of Americans seeking unemployment benefits rose 32,000 last week to a seasonally adjusted 360,000, the most since late March. Weekly applications are a proxy for layoffs. TREND IS LOWER: The jump came after applications had fallen to a five-year low in recent weeks. And the four-week average, a less volatile measure, rose only slightly last week, to 339,250. That level is consistent with steady job gains. VOLATILITY: The weekly applications figures can fluctuate...

WIPED OUT: Blaming political opponents for the shortfall, as it does for other shortages, the embattled socialist government of Venezuela says it will import 50 million rolls of toilet paper to boost supplies. BOTTOM LINE: Economists say Venezuela's shortages stem from price controls meant to make basic goods available to the poorest parts of society and government controls on foreign currency. INTESTINAL FORTITUDE: Last month Venezuela's scarcity index reached its highest level since 2009, while...

Global sales of luxury goods are off to a slow start in 2013 and aren't expected to match the double-digit growth of the last three years, consultancy Bain & Co. said in a study released Thursday. Sales of luxury apparel, accessories, jewelry, cosmetics and art are expected to grow just 4 percent to 5 percent in 2013, to between 220 billion euros and 222 billion euros ($283 billion to $286 billion). They increased 10 percent in 2012, to 212 billion euros ($272 billion). Sales will reach...

Hess has reached a deal with a major investor to end a bitter fight over the management and direction of the oil and gas company. The investor, Elliott Management, a hedge fund based in New York that holds 4.5 percent of Hess shares, accused CEO and Chairman John Hess of badly mismanaging the company's assets and consistently making poor strategic decisions. It highlighted the personal ties of Hess board members to the Hess family, and accused the board of lax oversight of the company. Hess has...

The nation's natural gas supplies rose last week, the government said Thursday. The Energy Department's Energy Information Administration reported that natural gas in storage grew by 99 billion cubic feet to 1.964 trillion cubic feet for the week ended May 10. Analysts expected a rise of 93 billion to 97 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. The inventory level was 4.1 percent below the five-year average of 2.047 trillion cubic feet,...

Royal Bank of Scotland says it is cutting 1,400 jobs from its retail banking operations over the next two years. The bank says the latest round of cuts affects support staff. Around half of those affected are based in Edinburgh, and most of the rest are in London. The bank has already slashed thousands of jobs since it was rescued by the British government in 2008 during the financial crisis. RBS, which is 81 percent owned by the British taxpayer, said Thursday the cuts are part of an ongoing...

A plunge in the cost of gas drove down a measure of U.S. consumer prices last month by the most since December 2008. Excluding the drop in fuel costs, prices were largely unchanged. The consumer price index fell 0.4 percent in April from March, the Labor Department said Thursday. The main reason the index fell was that gas prices plunged 8.1 percent. For the 12 months that ended in April, overall prices rose 1.1 percent _ the smallest year-over-year increase in 2 1/2 years. Excluding volatile...

The number of Americans seeking unemployment benefits rose 32,000 last week to a seasonally adjusted 360,000, the most since late March. The jump came a week after applications had reached a five-year low. The less volatile four-week average rose just 1,250 to 339,250, the Labor Department said Thursday. That's a level consistent with modest job gains. "The underlying story in jobless claims continues to be one of gradual improvement," said Julia Coronado, an economist at BNP Paribas. Coronado...

Hess and Elliott Capital Management say they have reached an agreement that gives board seats to three people nominated by the activist hedge fund. Hess Corp. said Thursday that in turn for getting its nominees on the board, Elliott will support five of Hess' nominees. The board's size will remain at 14 members. The announcement comes on the day of Hess' annual meeting in Houston. Elliott, which has a 4.52 percent stake in New York-based Hess, has battled for spots on the company's board while...

Global economic malaise has knocked the stuffing out of Luo Yan's business making toy animals. Sales of Hello Kitty dolls and plush rabbits have fallen 30 percent over the past six months, according to Luo, owner of Tongle Toy Enterprise, which employs 100 people in the southern city of Foshan, near Hong Kong. Orders from the United States and debt-crippled Europe are down 80 percent. "We don't talk about profits anymore," said Luo. China's shaky recovery is losing steam, adding to pressure...

Lawyers for JPMorgan Chase & Co. are asking financial news and data company Bloomberg LP to turn over any records it has of reporters looking up the log-in and usage data of JPMorgan employees. A formal letter was sent this week, a person familiar with the matter said. The person wasn't authorized to speak publicly and spoke on condition of anonymity. The letter seeks data going back to 2008 as the bank examines whether the seller of ubiquitous trading-data terminals was in breach of contract,...

Macy's Inc. reported a 20 percent increase in first-quarter profit even though cool temperatures and economic worries dampened some of its shoppers' spending on spring clothes. The company, which also operates the upscale chain Bloomingdale's, is also raising its dividend to 25 cents from the current 20 cents. It also announced an additional $1.5 billion in stock buybacks. Macy's, a standout among its peers throughout the economic recovery, is the first of the major retailers to report first-quarter...

___ Google unveils $10-a-month `All Access' music plan SAN FRANCISCO (AP) _ Google on Wednesday launched a subscription-based music service, allowing users of Android phones and tablets to listen to their favorite songs and artists for a monthly fee. The streaming service, called All Access, is available in the U.S. for $9.99 per month after a 30-day free trial. It will be available in other countries later. For those who start the trial by June 30, the monthly fee is $7.99. All Access will...

Deere & Co. said on Wednesday that bad weather and weak economies will hinder sales growth this year for lawnmowers and construction equipment. The company reported better-than-expected second-quarter earnings and maintained its full-year profit prediction. Sales of farm gear such as its big green John Deere tractors and combines are still strong and growing, the company said. But the lower overall sales outlook sent its shares skidding over 4 percent lower, down $4.13 to close at $89.64...

Investors nudged the stock market to all-time highs Wednesday despite a handful of disappointing economic reports. Google's stock topped $900 for the first time after the company announced new versions of its prodcuts, and Macy's rose after beating Wall Street's profit estimates. The market headed lower at the start of trading, following news that U.S. manufacturing slowed last month and France entered a recession. It turned higher before noon, and was back to breakeven by 3 p.m. A late surge...

DDR Corp. is buying 30 of 44 U.S. shopping centers from a joint venture it has with private equity firm Blackstone Group LP in a deal worth $1.46 billion, saying it expects to make money by raising rents at the malls and redeveloping them. They include centers in Boston, Chicago, Washington and Minneapolis among others. DDR owns 445 shopping centers in the U.S. and Brazil. It will pay for the deal by assuming existing debt and by selling stock. It will hold a public offering for 32 million shares,...

Key barometers in the Treasury market late Wednesday, compared with late Tuesday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note +34.3 cents _46.9 cents 30-year bond +62.5 cents _$1.13 Yields --- --- 1-month bill 0.01 0.00 3-month bill 0.04 0.04 6-month bill ...

GOOGLE THIS: Google's stock topped $900 as the tech giant unveiled a music streaming service and a new Google Maps. Google's stock is up 50 percent over the past year. APPLE: Apple's stock took a sudden turn lower after reports said that a hedge fund run by the billionaire David Tepper slashed its holdings in the tech company. FINAL SCORE: The Dow Jones industrial average rose 60.44 points to close at 15,275.69, an increase of 0.4 percent. The Standard & Poor's 500 index gained 8.44 points...

The federal government says it will temporarily suspend sales of U.S. Treasury securities to state and local governments at noon on Friday, the first step to avoid breaching the nation's borrowing limit. The move announced Wednesday by Treasury officials is expected to be followed by other bookkeeping maneuvers, all of which have the same goal: To keep the government functioning until Congress decides whether to raise the $16.39 trillion borrowing limit. Earlier this year, Congress temporarily...

Investors nudged the stock market to all-time highs Wednesday despite a handful of disappointing economic reports. Google's stock topped $900 for the first time after the company announced several upgrades to its Android software for smartphones, and Macy's rose after beatings Wall Street's profit estimates. Apple fell, holding back the Nasdaq composite index. The Dow Jones industrial average rose 60.44 points, or 0.4 percent, to close at 15,275.69. The Standard & Poor's 500 index gained...

MANUFACTURING OUTPUT: Manufacturers cut production in April by 0.4 percent, the third decline in four months. Auto companies cranked out fewer cars, factories made fewer consumer goods and most other industries reduced output. INDUSTRIAL PRODUCTION: Total industrial production, which includes output at the nation's factories, mines and utilities, fell 0.5 percent in April, the biggest setback since August. Utility production plunged 3.7 percent, as power output returned to more normal levels after...

A jury on Wednesday convicted the founder of a Kansas City company and four associates of cheating investors by selling them millions of dollars of worthless stock and spending the money on themselves. Petro America Corp. founder Isreal Owen Hawkins and his associates were accused of illegally selling unregistered stock in Petro America from 2008 through 2010, much of it to poor investors. Prosecutors said investors were told the company had $284 billion in assets and that they'd be rich once...

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Deere & Co., down $4.13 at $89.64 The maker of farm and construction equipment said that bad weather and weak economies will hurt its sales growth this year. Aeropostale Inc., up 64 cents at $16.02 A BMO Capital Markets analyst upgraded the teen retailer's stock to a "Buy," saying that its turnaround is taking hold. Computer Sciences Corp., down $4.78 at $44.71...

After years of increasing health care costs, the outlook is improving for seniors worried about paying their medical bills during retirement. For the second time in the last three years, estimated medical expenses for new retirees have fallen, according to a study released Wednesday by Fidelity Investments. A 65-year-old couple retiring this year would need $220,000 on average to cover medical expenses, an 8 percent decrease from last year's estimate of $240,000. The study assumes a life expectancy...

Sharp drops in fuel and food costs reduced a measure of U.S. wholesale prices in April by the most in three years. Outside those volatile categories, inflation stayed tame. The producer price index, which measures price changes before they reach the consumer, fell a seasonally adjusted 0.7 percent in April from March, the Labor Department said Wednesday. It was the second straight monthly decline and the steepest since February 2010. Lower inflation means the Federal Reserve has more leeway to...

The price of gold fell again on Wednesday, closing under $1,400 an ounce for the first time in a month. Gold for June delivery fell $28.30 to settle at $1,396.20 an ounce, a decline of 2 percent. Another increase in the value of the dollar helped push gold prices lower. People often buy gold as an alternative to holding dollars, so when the U.S. currency appreciates, they'll often sell gold. The dollar strengthened to $1.288 versus the euro late Wednesday from $1.294 late Tuesday. Traders had...

Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 14 16,723,009 Statutory debt limit N/A Total public debt outstanding May 14 16,760,962 Operating balance May 14 91,647 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...

The stock market is closing higher after shaking off a morning slump. The Dow Jones industrial average rose 60 points to close at 15,275 Wednesday, a gain of 0.4 percent. The Standard & Poor's 500 index rose eight points to 1,658, or 0.5 percent. Both the Dow and S&P are at record highs. The Nasdaq composite rose nine points to 3,471, or 0.3 percent. Macy's rose after beating Wall Street's profit expectations, and Google rose after announcing a several upgrades to its Android operating...

The government says that fewer flights arrived on time and more were canceled in March than a year ago, but fewer passengers lodged formal complaints against the airlines. The Transportation Department said Wednesday that 79.8 percent of flights arrived within 14 minutes of schedule in March. That's down from 82.2 percent in March 2012. Hawaiian Airlines and Virgin America had the best on-time ratings at better than 87 percent, while regional carrier ExpressJet and JetBlue Airways had the worst...

Key currency exchange rates Wednesday, compared with late Tuesday in New York: Dollar vs: Exchange Rate Pvs Day Yen 102.32 102.24 Euro $1.2875 $1.2937 Pound $1.5220 $1.5222 Swiss franc 0.9658 0.9656 Canadian dollar 1.0175 1.0176 Mexican peso 12.2296 12.1989 Metal Price (troy oz.) Pvs Day NY Merc Gold $1396.50 $1424.70 NY HSBC Bank US $1395.00 $1427.00...

Baby boomers preparing for retirement are driving a surge in small business sales, as they find more and more buyers confident enough in the improving economy to expand their own businesses through acquisitions. In the first three months of this year, the number of sales that closed jumped 56 percent from the same time in 2012, according to BizBuySell.com, an online marketplace for small businesses. Retirement was the No. 1 contributor to business sales in the fourth quarter of last year and the...

Foreign demand for U.S. Treasury securities rose to a record level in March, signaling further confidence in U.S. debt. The Treasury Department said Wednesday that total foreign holdings increased 0.7 percent in March from February to $5.76 trillion. Holdings have increased nearly 11.9 percent in the 12 months that ended in March. Demand increased even though the two largest buyers of U.S. debt reduced their holdings slightly in March. China trimmed its holdings 0.1 percent to $1.25 trillion....

Senate lawmakers are pushing ahead with a bill that would bring new federal oversight to large specialty pharmacies like the one that triggered a deadly meningitis outbreak last year. The bill introduced Tuesday by Democrats and Republicans would subject such large compounding operations to direct federal oversight by the Food and Drug Administration, rather than the state pharmacy boards that have traditionally overseen them. The effort responds to last year's outbreak tied to contaminated compounded...

A lot changes in 100 years, but the key to Hellmann's success may be that not much has changed for the mayonnaise. To celebrate Hellmann's centennial birthday, owner Unilever is launching a marketing campaign to drum up attention for the country's top-selling mayonnaise, whose formula remains almost the same as it was a century ago. Media spending is undisclosed, but it's the largest ever campaign for the brand. Unilever, a Dutch consumer goods company with brands ranging from Dove soaps to Magnum...

Major business events and economic events scheduled for Thursday: WASHINGTON _ Labor Department releases weekly jobless claims, 8:30 a.m. WASHINGTON _ Labor Department releases Consumer Price Index for April, 8:30 a.m. WASHINGTON _ Commerce Department releases housing starts for April, 8:30 a.m. WASHINGTON _ Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m. J.C. Penney Co. reports quarterly financial results. Nordstrom Inc. reports quarterly financial results. Wal-Mart...

Smartphones are increasingly popular not only with consumers, but also with thieves who see the devices as another way to tap into bank accounts and other sensitive information, experts say. Many consumers simply don't realize how vulnerable their Androids, iPhones and other devices can be. An April study by the Federal Reserve Bank of Atlanta said threats are proliferating, ranging from "phishing" _ where consumers click a phony email or text message and are tricked into handing over personal...

The Food and Drug Administration has approved a new injectable drug that uses radiation to treat advanced prostate cancer that has spread to the bones. The FDA said Wednesday it approved the drug, Xofigo from Bayer Pharmaceuticals, for men whose cancer has grown into bone tumors even after receiving medication or surgery to lower testosterone. The hormone spurs growth of prostate tumors. More than 238,000 U.S. men will be diagnosed with prostate cancer this year and 29,720 will die from the disease,...

STRONGER FOUNDATION: The National Association of Home Builders/Wells Fargo builder sentiment index rebounded this month, reflecting improved sales trends during the spring home-selling season. BUILDING: The index, based on a survey of 290 builders, rose to 44 from 41 in April. It was the first monthly increase since December. Readings below 50 suggest negative sentiment about the housing market. TAKING MEASUREMENTS: Builders' outlook for sales over the next six months rose to its strongest point...

The nation's crude oil supplies shrank last week, the government said Wednesday. Crude supplies declined by 600,000 barrels, or 0.2 percent, to 394.9 million barrels, which is 3.5 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts expected an increase of 300,000 barrels for the week ended May 10, according to Platts, the energy information arm of McGraw-Hill Cos. Gasoline supplies grew by 2.6 million barrels, or 1.2 percent,...

A senior EU official says China may be illegally dumping and subsidizing the import into Europe of mobile telephone networks and their essential elements. But Competition Commissioner Karel De Gucht says an official investigation, while approved by the European Commission, won't be launched now as officials seek an amicable resolution. Wednesday's announcement came as the Commission, the EU's executive arm, is nearing the end of an investigation into whether China illegally dumped solar panels...

Stock futures dipped Wednesday as another nation in Europe sank into recession and the economic contraction for the entire European Union stretched into its sixth straight quarter. With France's second consecutive quarter of shrinking gross domestic product, the majority of the EU, the world's largest export market, is now in recession. Dow Jones industrial futures fell 11 points to 15,164. The broader S&P futures gave up 1.8 points to 1,646.20. Nasdaq futures fell half a point to 2,994.755....

Regulators have closed a small bank in Arizona, bringing the number of U.S. bank failures to 13 this year. The Federal Deposit Insurance Corp. on Tuesday seized Central Arizona Bank, based in Scottsdale, Ariz. The lender, which operated a single branch, had roughly $31.6 million in assets and $30.8 million in deposits as of March 31. Western State Bank, based in Devils Lake, N.D., agreed to assume all of the failed bank's deposits and to buy essentially all of its assets. The failure of Central...

While several more global clothing chains on Tuesday were announcing that they agreed to a historic pact to improve factory conditions in Bangladesh, U.S. retailers were scrambling to come up with their own safety plans. A total of more than a dozen brands this week announced plans to sign a five-year, legally binding contract that requires that they help pay for fire safety and building improvements in Bangladesh. Notably missing from the pact are U.S. firms, except for PVH, the New York-based...

Three Ohio drivers are suing Ford Motor Co., claiming the company's six-cylinder EcoBoost engine is defective. The lawsuit says the 3.5-liter V6 EcoBoost engine can shudder, shake and then rapidly lose power while drivers are accelerating. Two of the plaintiffs, a married couple, say their 2010 Ford Taurus SHO has lost power and stalled on multiple occasions. The third says he has lost power when he was accelerating in his F-150 pickup. The lawsuit says more than 100 drivers have complained to...

THE BACKBONE: An improvement in small business sentiment gave investors a reason to push stocks back into record territory Tuesday. The Russell 2000, an index of small company stocks, climbed 1.3 percent. The index is up 16.1 percent this year and is outperforming the Standard & Poor's 500. GOLDILOCKS REDUX: The prospect of more stimulus from the Federal Reserve is also underpinning the rally. The economy is growing fast enough to help corporations boost profits but not so fast that the U.S....

The stock market marched back into record territory as investors seized on the latest encouraging news about the economy. On Tuesday, it was a report on the health of small businesses. The Dow Jones industrial average rose 123.57 points, or 0.8 percent, to close at 15,215.25. The Standard & Poor's 500 index gained 16.57, or 1 percent, to 1,650.34. The Nasdaq composite index rose 23.82 points, or 0.7 percent, to 3,462.61. For the week: The Dow is up 96.76 points, or 0.6 percent. The S&P...

Key barometers in the Treasury market late Tuesday, compared with late Monday. Price changes in the 10-year note and 30-year bond are per $100 invested: Prices Today Previous Session 10-year note _46.9 cents _21.8 cents 30-year bond _$1.13 _65.6 cents Yields --- --- 1-month bill 0.00 0.01 3-month bill 0.04 0.03 6-month bill 0.07...

The Food and Drug Administration on Tuesday approved a genetic test from Roche to help doctors identify patients who can benefit from a lung cancer drug made by the company's Genentech unit. The diagnostic test is the first approved to detect genetic mutations found in roughly 10 percent of patients with the most prevalent form of lung cancer, known as non-small cell lung cancer. Patients who test positive for the mutation are more likely to respond to Genentech's drug Tarceva as a first-choice...

Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Sony Corp., up $1.87 at $20.76 A hedge fund proposed that the conglomerate spin off 20 percent of its entertainment unit and use the money to boost its electronics unit. Trina Solar Ltd., down 52 cents at $5.41 The Chinese solar panel maker cut its first-quarter estimate for module shipments and may revise its full-year shipment outlook. Edwards Lifesciences Corp., up...

Thousands of mourners gathered Tuesday at the wreckage of a Bangladeshi garment factory building to offer prayers for the souls of the 1,127 people who died in the structure's collapse last month, the worst tragedy in the history of the global garment industry. The Islamic prayer service was held a day after the army ended a nearly three-week, painstaking search for bodies among the rubble and turned control of the site over to the civilian government for cleanup. Recovery workers got a shocking...

Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit May 13 16,717,824 Statutory debt limit N/A Total public debt outstanding May 13 16,755,788 Operating balance May 13 94,695 Interest fiscal year 2013 through April 147,814 Interest same period 2012 ...

Key currency exchange rates Tuesday, compared with late Monday in New York: Dollar vs: Exchange Rate Pvs Day Yen 102.24 101.93 Euro $1.2937 $1.2970 Pound $1.5222 $1.5292 Swiss franc 0.9656 0.9583 Canadian dollar 1.0176 1.0108 Mexican peso 12.1989 12.1375 Metal Price (troy oz.) Pvs Day NY Merc Gold $1424.70 $1434.50 NY HSBC Bank US $1427.00 $1433.50 ...

Two major unions are seeking to avoid a fight and instead share representation of ground workers at American Airlines after the company merges with US Airways. The unions represent nearly 30,000 workers at the two airlines, and a deal might help both fend off challenges by the Teamsters. The Transport Workers Union, or TWU, and the International Association of Machinists and Aerospace Workers, or IAM, said Tuesday that they will form a council to negotiate a single contract with the post-merger...

Mutual funds continued to attract cash in April, although the pace slowed from the record amount that flowed in during the first three months of the year. Investors also became more cautious, as bond funds attracted slightly more money than stock funds. A net $39 billion was deposited into stock funds and bond funds during April, industry consultant Strategic Insight said on Tuesday. The first quarter total was $193 billion, topping the previous record of $140 billion set in early 2007. The April...

Turkey says its state-run petroleum company has reached a deal with U.S. company Exxon Mobil to explore for oil in northern Iraq.?? Prime Minister Recep Tayyip Erdogan said Tuesday that the deal was a "step toward exploring for oil" in Iraq's Kurdish region. He said details of the deal would be revealed after his visit to the United States on Thursday. Both the United States and the Iraqi central government oppose allowing Iraq's Kurdistan Regional Government to sign oil deals without Baghdad's...

Prices paid by U.S. importers fell in April for the second straight month, pushed lower by another decline in imported petroleum. Falling import prices help keep inflation in check. The Labor Department says import prices fell 0.5 percent last month compared with March, when prices had fallen 0.2 percent. It was the largest decline since a 0.6 percent drop in December. Imported petroleum products fell 1.9 percent in April. Excluding petroleum, import costs fell only 0.1 percent. Import prices...

European aerospace company EADS said strong deliveries by airplane maker Airbus helped drive higher earnings in the first quarter and laid out the hope that the new A350 long-range aircraft should make its first flight this summer. The Airbus parent company also reaffirmed Tuesday its forecast of lifting commercial aircraft deliveries this year to between 600 and 610, as demand from Middle Eastern and Asian carriers to expand their fleets continues to drive sales for one of Europe's largest exporters....

Japanese electronics maker Sharp Corp. named a new president Tuesday, reshuffling its top management to help restore profitability after reporting a record loss. The Osaka, Japan-based maker of Aquos TVs said that Kozo Takahashi, currently an executive vice president, will become its president and CEO as of June 25. His appointment is part of a business reorganization aimed at returning to the black in the fiscal year ending March 2014 after years of losses. The company also said it would reduce...

Nissan Motor Co. President Carlos Ghosn welcomed the yen's recent decline to what he called "neutral" levels for the Japanese automaker's profitability, but said Tuesday it must drop further to be "normal." "The abnormal situation of the yen is hopefully something of the past," he told reporters at the roll-off ceremony for a new Infiniti luxury model, the Q50. Workers cheered as Ghosn, a rare foreigner to lead a Japanese company, toasted the first Q50 off the assembly line with an energy drink...

Nissan Motor Co. President Carlos Ghosn says the yen has fallen to what he called "neutral" levels for the Japanese automaker's profitability, but said it must drop further to be "normal." He was speaking to reporters Tuesday after celebrating a roll-off ceremony of a new Infiniti luxury model, the Q50. The Infiniti, which is not sold in Japan, is exported to the U.S., Europe, Asia and other regions. Japanese automakers have been trying to move production to where their vehicles are sold to reduce...