WASHINGTON (AP) -- Facing tough
questions in Congress, The twin developments created new
challenges for Stocks close lower on caution about
economy NEW YORK (AP) -- The stock market
paused from a four-day rally Monday and closed modestly lower after big
consumer companies gave a cautious outlook for economic growth. The market, which has advanced on
stronger economic signs, fluctuated after Lowe's Cos. and Campbell Soup Co.
reported higher earnings but reminded investors that a recovery among consumers
is expected to be slow. Stocks drew some support from news that oil field
services company Schlumberger Ltd. agreed to buy Smith International Inc. The Dow fell 18.97, or 0.2 percent, to
10,383.38. Rising stocks were about even with losers on the Outlook no brighter for Obama's new
health plan WASHINGTON (AP) -- Starting over on
health care, President A year after he called for a
far-reaching overhaul, Obama unveiled his most detailed plan yet on Monday.
Realistically, he's just hoping to win a big enough slice to silence the talk
of a failing presidency. The 10-year, $1 trillion plan, like the
current Democratic version in the Senate, would bring health insurance to more
than 31 million Americans who now lack it. Government insurance wouldn't be
included, a problem for Democratic progressives. Republicans are skeptical
about where the money would come from -- and about Obama's claim that the plan
wouldn't raise the federal deficit. Bank of America hires 2 former Merrill
executives CHARLOTTE, N.C. (AP) -- It's a sign of
the changing times at Bank of America: Two Sam Chapin and Todd Kaplan are
returning to serve as executive vice chairmen of its global banking operations,
Bank of America Corp. said Monday. The two investment bankers were among the
many senior Their return is a sign of rebuilding at
Bank of America's investment banking division. They are also rejoining the Charlotte,
N.C.-based bank after it repaid a $45 billion government loan -- a repayment
that relieved Bank of America of restrictions on how much it could pay
executives like Chapin and Kaplan. Lowe's sees better 2010 as 4Q profit
rises NEW YORK (AP) -- Consumers responded to
Lowe's rebates for higher-priced items such as cabinets and countertops, a sign
home owners are starting to consider bigger remodeling projects as the economy
stabilizes. Modestly higher sales and cost cutting
helped Lowe's fourth-quarter profit rise 27 percent, the first quarterly increase
since 2007, the company reported Monday. The No. 2 home-improvement chain also
said Monday that it expects sales to rise this year as the long-suffering
housing market and broader economy recover. Still, a snowy February kept Lowe's
cautious about the first-quarter outlook. Campbell Soup 2Q profit up despite
Chunky struggle HADDONFIELD, N.J. (AP) -- The Campbell
Soup Co. said Monday that it fumbled its relaunch last fall of Chunky
ready-made soups, but the world's largest soup maker said its second-quarter
profit still rose 11 percent from a year earlier. It was the third straight quarter the
company's profit rose from a year earlier even as its soup sales fell; it has
benefited from cost-cutting and from stabilizing prices for its ingredients and
packaging. The company hoped the new healthier
versions of its Chunky soups would become a prime option for people continuing
to eat at home to save money during the recession -- especially after sales to
the products' mainstay customers, football-watching men, had flattened. Yellen: Low rates are needed to feed
recovery WASHINGTON (AP) -- Record-low interest
rates are still needed to foster the economic recovery and to relieve high
unemployment, a Janet Yellen, president of the Despite a big growth spurt at the end
of last year, the economic rebound is likely to slow later this year as
benefits from the government stimulus plan fade, Yellen pointed out in a speech
in San Diego. Study: 2010 big employer health costs
rise 6.5 pct INDIANAPOLIS (AP) -- A new study says
health care costs for large employers will rise more than 6 percent this year,
and more companies are thinking about revamping their benefits. The study from benefits consultant
Towers Watson says this year's increase in the cost companies pay to administer
health plans and pay claims is down slightly from 2009's 7 percent hike. A total of 83 percent of companies
surveyed say they have either revamped their health care strategy or expect to
do so in the next two years. This can mean switching plan designs or an
increasing employee payments among other big changes. Company asks FDA to say new items cut
tobacco risk RICHMOND, Va. (AP) -- Star Scientific
Inc., which sells tobacco products that dissolve in the consumer's mouth, is
asking the Star Scientific said Monday it asked
the FDA Friday to approve its wintergreen-flavored dissolvable tobacco lozenges
called Ariva-BDL as a "modified risk" product under the 2009 law that
gave the FDA authority over tobacco. The Glen Allen, Va., company said the
lozenges contain "below detectable levels" of certain cancer-causing
chemicals found in tobacco and its smoke. The letters BDL in the product's name
refer to the regulatory term. GM names board member Girsky vice
chairman DETROIT (AP) -- The automaker says Girsky will be
responsible in his new post for corporate strategy, business alliances, new
business development and related areas. Girsky, 47, a former Wall Street
analyst, was named to GM's board last July, representing the By The Associated Press The Dow fell 18.97, or 0.2 percent, to
10,383.38. The Standard & Poor's 500 index
fell 1.16, or 0.1 percent, to 1,108.01, while the Benchmark oil for March delivery added
35 cents Monday to settle at $80.16 a barrel on the contract's final day of
trading on the New York Mercantile Exchange. Most of the trading volume already
has shifted to the April contract, which added 25 cents to settle at $80.31 a
barrel. In other Nymex trading in March
contracts, heating oil rose less than a penny to settle at $2.0788 a gallon,
and gasoline gained 3.01 cents to settle at $2.1158 a gallon. Natural gas
dropped 14.9 cents to settle at $4.895 per 1,000 cubic feet. In London, Brent crude added 42 cents
to settle at $78.61 on the ICE futures exchange.