Wells Fargo is the first major bank to give an indication of how
the first quarter looked. Several pessimistic forecasts about potential loan
losses have jolted the market in recent days, and investors have been anxious
ahead of next week's reports from Citigroup Inc., Goldman Sachs Group Inc. and
JPMorgan Chase & Co. New jobless claims fall more than expected to 654,000 WASHINGTON (AP) -- New jobless claims fell more than expected
last week but are stuck at elevated levels, while the number of people
continuing to receive unemployment insurance approached 6 million, setting a
record for the 10th straight week. The government data released Thursday bolster recent projections
from the Federal Reserve and private economists that the nation's job market
will remain weak into next year as companies purge thousands more workers. The Labor Department said the tally of initial jobless claims
fell to a seasonally adjusted 654,000, down from a revised 674,000 the previous
week. Analysts expected claims to drop to 660,000. Shoppers stay cautious, but sales declines ease NEW YORK (AP) -- March retail sales showed encouraging signs that
consumers are no longer slashing spending, a key to finding a bottom to the
recession. Shoppers were still very cautious. They largely stuck to buying
necessities like groceries in March and held back on bigger purchases, and
same-store sales fell overall, results reported by an industry group Thursday
showed. Overall same-store sales fell 2.1 percent in March, a bigger
decline than analysts expected, according to the monthly tally from Goldman
Sachs and ICSC. But last year's figures included Easter, which doesn't come
until April 12 this year. Wells Fargo earnings surprise sends market surging NEW YORK (AP) -- Stocks surged Thursday to their highest levels
in two months after banking giant Wells Fargo & Co. surprised the market
with an early profit report that blew past analysts' expectations thanks to a
strong pickup in its lending business. The Dow Jones industrial average jumped nearly 250 points to
8,083.38 and major market indexes logged their fifth straight week of gains.
Markets are closed for Good Friday. Investors have been grasping at any sign of improvement in the
crippled banking industry, and Wells Fargo's report Thursday that it expects
first-quarter earnings of $3 billion provided an encouraging sign that a deep
freeze in borrowing activity may finally be thawing. Madoff victims seek assets of those who helped him NEW YORK (AP) -- Only one person has gone to jail so far in
Bernard Madoff's massive stock fraud: Madoff himself. But that hasn't stopped
prosecutors, regulators and victims from going after others who got gloriously
rich off his scheme. A series of court actions in recent weeks have sought to freeze
the assets of Madoff's relatives and key business associates, including lavish
Park Avenue apartments, Hamptons mansions and art collections. The lawsuits are still in their earliest stages, but already
judges have shown a willingness to bar the defendants from selling off homes or
emptying bank accounts while the legal disputes play out. Trade deficit falls for 7th straight month in Feb. WASHINGTON (AP) -- The U.S. trade deficit plunged unexpectedly in
February as the recession pushed imports down for a seventh straight month while
exports rebounded a bit. Analysts said the smaller trade gap is fresh evidence
the economy's downward spiral may be easing. The Commerce Department said Thursday the deficit dropped 28.3
percent to $25.97 billion, the smallest gap since November 1999. Economists, who had expected the deficit to widen slightly in
February, said the smaller imbalance was one of many recent indicators
signaling that a steep plunge in U.S. economic activity may be leveling off. Barclays sells iShares to CVC for $4.4 billion LONDON (AP) -- Barclays PLC said Thursday that it has agreed to
sell its U.S.-based asset management business iShares to European private
equity firm CVC Capital Partners Group, booking a net gain of $2.2 billion from
the sale. Barclays will finance $3.1 billion of the total $4.4 billion
purchase price and will be entitled to receive 20 percent of the equity return
from iShares once CVC has achieved certain minimum returns. Barclays Chief Executive John Varley said that the deal presents
"significant value" for Barclays. Oil prices rise sharply on hints of rebound NEW YORK (AP) -- Oil prices rose sharply Thursday despite more
hints that energy use is way down, with traders focusing instead on a rising
stock market and surprising news from retailers that suggests Americans are
spending money. If registers at the mall are ringing, that likely means people
are driving. Benchmark crude for May delivery rose nearly 6 percent, or $2.86
to settle at $52.24 a barrel on the New York Mercantile Exchange. Trading was
very light on a shortened trading week. Nymex is closed for Good Friday. In London, Brent prices jumped $2.47 to settle at $54.06 a barrel
on the ICE Futures exchange. 3M offers 3,600 US employees early retirement MAPLEWOOD, Minn. (AP) -- 3M Co. is offering early retirement
packages to 3,600 employees, or 11 percent of its U.S. work force, to reduce
costs even further amid the economic slowdown. The voluntary buyout offers follow the manufacturer's recent
moves to cut 3,600 jobs, defer merit pay raises and adjust vacation allowances. 3 more carriers to pay fines in cargo probe ATLANTA (AP) -- Three more foreign carriers have agreed to plead
guilty to conspiring to fix prices in the air cargo industry, and they will pay
a total of $214 million in fines, U.S. prosecutors said Thursday. Luxembourg-based Cargolux Airlines International SA, Japan-based
Nippon Cargo Airlines Co. Ltd. and Korean carrier Asiana Airlines Inc. also
have agreed to cooperate with the Justice Department's ongoing investigation,
according to a statement from prosecutors. By The Associated Press The Dow rose 246.27, or 3.1 percent, on Thursday to 8,083.38. Broader stock indicators also put up big gains. The Standard
& Poor's 500 index rose 31.40, or 3.8 percent, to 856.56. The Nasdaq
composite index rose 61.88, or 3.9 percent, to 1,652.54. Benchmark crude for May delivery rose nearly 6 percent, or $2.86
to settle at $52.24 a barrel on the New York Mercantile Exchange. In other Nymex trading, gasoline for May delivery rose 4.14 cents
to settle at $1.4810 a gallon and heating oil gained just over 3 cents to
settle at $1.4288 a gallon. Natural gas for May delivery lost cents