As losses slow, big banks eye big
profits in Q1 NEW YORK (AP) -- Five of the biggest
U.S. banks, including struggling Bank of America Corp., are expected to report
profits for the January to March period. Analysts are split about a profit at All the big banks are finally seeing
losses from credit cards, mortgages and other consumer loans slow. And the
rallying stock market and interest rates holding near zero are allowing the
companies to borrow cheaply and profit from higher-yielding investments. Stocks end higher on expectations for
Intel NEW YORK (AP) -- The Dow Jones
industrial average extended its push past 11,000 Tuesday after expectations
grew that stronger corporate earnings would signal that a recovery is on track. Stocks fell in early trading after
quarterly results from aluminum producer Alcoa Inc. missed expectations. Major
indexes later poked higher as traders jockeyed for position ahead of earnings
from leading chipmaker Intel Corp., which reported strong results after the
closing bell. By the close, the Dow had tacked on
about 13 points. The Dow on Monday finished above the psychological benchmark
of 11,000 for the first time in a year and a half. China's Hu rebuffs Obama on yuan BEIJING (AP) -- Chinese President Hu defended China's policy of pegging
the yuan to the dollar at a Monday meeting with Obama in Washington and said
changes to the exchange rate would not come from U.S. pressure. China's currency has emerged as
prominent friction in a relationship already troubled by disputes over trade,
U.S. arms sales to Taiwan and Obama's meeting with February trade deficit increases to
$39.7 billion WASHINGTON (AP) -- The U.S. trade
deficit widened more than expected in February as a small gain in exports to
the highest level in 16 months was offset by a bigger jump in imports,
reflecting increased demand for consumer goods from televisions to clothing. The wider deficit was a sign of a
rebounding U.S. economy. Economists expect the trade deficit to rise this year
but hope that expanding exports will continue to lift the fortunes of American
manufacturing companies. The Commerce Department reported
Tuesday that the deficit for February increased 7.4 percent to $39.7 billion.
That was larger than the $38.5 billion deficit economists had expected. Exports
edged up 0.2 percent while imports jumped 1.7 percent. Intel 1Q profit nearly quadruples from
a year ago SAN FRANCISCO (AP) -- Intel Corp. said
Tuesday its net income in the first quarter nearly quadrupled over last year
and reflected an overall bump in spending on technology by companies. The
results sent Intel shares higher. Among other things, Intel got a lift
from sales of new chips for computer servers -- the kind of purchase that many
companies delayed in the recession. And Intel's chief financial officer, Stacy
Smith, said in an interview that demand for processors for higher-end laptops
was stronger than expected as corporations upgraded their workers' computers. Consumer Reports: large NEW YORK (AP) -- Consumer Reports has
given a "Don't Buy" warning -- its first in nine years -- to the 2010
The warning is Ex-WaMu execs defend bank's actions
before failure WASHINGTON (AP) -- The former CEO of Kerry Killinger, who led the
Seattle-based thrift, also argued that WaMu had adequate capital and shouldn't
have been seized by the government and sold for a "bargain" price of
$1.9 billion in The panel's 18-month investigation
found that WaMu's lending operations were rife with fraud and that management
failed to stem the deception despite internal probes. Banking execs skeptical on mortgage
reductions WASHINGTON (AP) -- Top banking industry
executives are skeptical about helping troubled borrowers by forgiving a
portion of their debt. The executives told lawmakers on
Tuesday they are reducing the amount that troubled borrowers owe on their home
loans only in limited cases. That's because consumers who are paying their
mortgages on time are likely to see such reductions as unfair, the executives
said. Such programs "could raise issues
of fairness," agreed Sanjiv Das, CSX 1Q earnings driven by 'steady'
economic growth NEW YORK (AP) -- CSX, the nation's
third largest railroad, said Tuesday that "gradual and steady growth"
in the economy drove its first-quarter profit up 20 percent compared with its
earnings in the depths of the recession a year ago. The railroad's results also point to an
economic recovery under way without the help of consumers, who are still
worried about their bank accounts and how much their houses are worth.
Railroads are indicators of broader economic health because they carry so many
things people and businesses use every day. CSX, based in Jacksonville, Fla., said
the greatest improvements came in shipments of cars and trucks, fertilizers,
metals and transfers from trucks. Avon suspends 4 executives in probe NEW YORK (AP) -- Beauty products seller
Avon Products Inc. said Tuesday it put four executives on administrative leave,
as part of an investigation of bribery allegations that started in China. The suspensions were first reported by
the Wall Street Journal. Avon confirmed the executives put on
leave include: S.K. Kao, general manager of Avon China; Jimmy Beh, former
finance head for Avon in China and most recently an executive in Malaysia; C.Q.
Sun, head of corporate affairs for Avon China; and Ian Rossetter, most recently
vice president of finance and tax. By The Associated Press The Dow rose 13.45, or 0.1 percent, to
11,019.42. Benchmark crude for May delivery
dropped 29 cents to settle at $84.05 a barrel on the New York Mercantile
Exchange. In other Nymex trading in May
contracts, heating oil fell 0.47 cent to settle at $2.2142 a gallon, and
gasoline dipped 1.35 cents to settle at $2.3093 a gallon. Natural gas rose 15.2
cents to settle at $4.16 per 1,000 cubic feet. In London, Brent crude was down 5 cents
to settle at $84.72 on the ICE futures exchange.