TOKYO (AP) -- President Akio Toyoda also said he's
not going to Washington to appear at congressional hearings next week,
preferring to leave that to his U.S.-based executives while he focuses on
beefing up quality controls -- though he would consider attending if invited. Toyoda promised a backup safety system
in all future models worldwide that will override the accelerator if the gas
and brake pedals are pressed at the same time. Data on industry output, home building
boost hopes WASHINGTON (AP) -- Hopes that the
economy can sustain its recovery drew support Wednesday from news that
industrial ouput rose for a seventh straight month and home construction hit a
six-month peak in January. Analysts cautioned, though, that the
gains in both sectors could falter if consumer demand weakens. The report on industrial production
from the Stocks climb on upbeat earnings,
economic reports NEW YORK (AP) -- A stream of good news
has the stock market back on an upward path. Encouraging corporate and economic
reports Wednesday added to hopes that a recovery is taking hold even as big
concerns remain about unemployment and bursting budgets in countries like
Greece. Deere & Co. and Whole Foods Market
Inc. jumped after their profit reports topped expectations and the companies
raised their forecasts. Improved reports on home construction and production at
factories also helped pull the market higher. The Dow Jones industrial average rose
40 points to 10,309.24, a day after it jumped 170 following a stronger
manufacturing figures. Treasury prices fell as demand for safe havens eased. Walgreen buying NYC market leader Duane
Reade NEW YORK (AP) -- Walgreen Co. is
looking to make itself an instant success in New York City -- where the
nation's largest drug store chain has until now been just a bit player. Walgreen announced plans Wednesday to
buy privately held Duane Reade in a deal that will more than quadruple the
number of stores it has in the metro area and make Walgreen the dominant player
the biggest market in the country. Walgreen, the nation's largest
drugstore operator, agreed to would pay about $623 million for Duane Reade
Holdings Inc., which is the biggest drugstore chain in the city, where it has
operated for 50 years. FTC: Don't be fooled by job-related
scams WASHINGTON (AP) -- The The consumer protection agency said it
has asked federal courts to shut down seven entities charged with peddling such
schemes and to freeze their assets. The Justice Department has pursued
criminal action in 44 additional cases and state attorneys general are pursuing
18 more, FTC officials said. Deere says farm orders send 1Q profit
up 19 pct Deere & Co. boosted its outlook for
2010 Wednesday after an unexpected increase in agricultural orders helped drive
first-quarter profit 19 percent higher. Deere said lower costs and a roughly
$75 million benefit from favorable currency rates also helped offset the
"stubbornly weak" economy and 6 percent lower revenues. The maker of iconic green and yellow
machinery said it earned $243.2 million, or 57 cents per share, during the
quarter that ended Jan. 31. That's up 19 percent from $203.9 million, or 48
cents per share a year ago. Analysts surveyed by Thomson Reuters expected
profits of 19 cents on average, but Deere beat even the highest profit
prediction of 38 cents per share. Federal deficit at $430.69 billion
through January WASHINGTON ( AP) -- The federal deficit
through the first four months of the budget year is running at a
record-breaking pace even though the deficit in January was slightly smaller
than expected. The massive tide of red ink reflects
the continued fallout from a deep recession and a severe financial crisis. It
highlights the formidable challenges President The Treasury Department said Wednesday
that the deficit for January totaled $42.63 billion. That left the total of red
ink so far this budget year at $430.69 billion, 8.8 percent higher than last
year when the deficit soared to an unprecedented level of $1.42 trillion. HP profit jumps 25 pct, company raises
outlook SAN JOSE, Calif. (AP) --
Hewlett-Packard Co.'s profit swelled 25 percent in the latest quarter because
of cost-cutting and a stronger showing from its personal-computer division. Revenue was up in most of the
technology company's major divisions and HP raised its 2010 outlook, citing
"accelerating market momentum." The numbers show that technology
spending by corporations is creaking back to life. HP is a bellwether because
it is the world's biggest maker of PCs and printers. And HP's latest results
are the first from a major tech company to include the full month of January. Some Fed officials favor reeling in
stimulus soon WASHINGTON (AP) -- With the economy
healing, Selling assets would sop up some of the
stimulus money and shrink the Fed's $2.2 trillion balance sheet. But many
members expressed concern that such transactions could drive up interest rates
and hurt the economic recovery. Last week, Fed Chairman Trade agency reviewing Kodak patent
complaint ROCHESTER, N.Y. (AP) -- A federal
agency that oversees trade disputes said Wednesday it will investigate Eastman
Kodak Co.'s patent-infringement complaint over digital-camera technology used
in iPhones and BlackBerrys. The U.S. International Trade Commission
in Washington will weigh whether to block imports of the smart phones after
Kodak alleged Patent cases can take years to resolve,
and agreements over licensing and royalty payments often emerge. But the trade
commission is seen as a fast-track mediator that typically resolves disputes in
12 to 15 months. By The Associated Press The Dow rose 40.43, or 0.4 percent, to
10,309.24. The Standard & Poor's 500 index
rose 4.64, or 0.4 percent, to 1,099.51, while the Benchmark oil for March delivery added
32 cents to settle at $77.33 a barrel on the New York Mercantile Exchange. In other Nymex trading in March
contracts, heating oil increased 1.04 cents to settle at $2.0067 a gallon, and
gasoline rose 1.89 cents to settle at $2.0071 a gallon. Natural gas gained 7.6
cents to settle at $5.386 per 1,000 cubic feet. In London, Brent crude added 59 cents
to settle at $76.27 a barrel on the ICE futures exchange.