Stocks climb on earnings, drop in
jobless claims NEW YORK (AP) -- Stocks surged higher
after another series of upbeat earnings reports and a reading on unemployment
provided more evidence of an improving economy. The Dow Jones industrials rose 122
points to 11,167.32 after the Labor Department said initial claims for
unemployment benefits fell last week. And companies including Motorola, Time
Warner Cable and Starwood Hotels & Resorts reported earnings that topped
analysts' forecasts. It was the market's second straight
winning day after a plunge Tuesday that took the Dow down 213. Jobless claims fall to lowest level in
4 weeks WASHINGTON (AP) -- The number of
Americans filing claims for unemployment benefits dropped for a second
consecutive week, further evidence that the job market is slowly improving. The Labor Department said Thursday that
initial applications for jobless benefits dropped by 11,000 to 448,000, the
lowest level in four weeks. The new total was slightly higher than economists
had expected. The four-week average for claims edged
up slightly to 462,500, still above the level that economists believe signals
sustained improvements in the job market. House panel releases auto safety
proposals WASHINGTON (AP) -- New cars and trucks
would be required to carry black boxes to record crash information and
automakers would pay fees to help fund the government's auto safety agency
under a series of proposals in Congress in response to The House Energy and Commerce Committee
on Thursday released a draft that could form the basis of legislation to
strengthen vehicle safety and the FDA approves breakthrough cancer
therapy Provenge WASHINGTON (AP) -- A first-of-a-kind
prostate cancer treatment that uses the body's immune system to fight the
disease received federal approval Thursday, offering an important alternative
to more taxing treatments like chemotherapy. Dendreon Corp.'s Provenge vaccine
trains the immune system to fight tumors. It's called a "vaccine"
even though it treats disease rather than prevents it. Doctors have been trying to develop such
a therapy for decades, and Provenge is the first to win approval from the EU official: Deal on Greece aid ready
in few days BRUSSELS (AP) -- European and German
officials assured markets they were working quickly on approving a bailout for
Greece as they try to keep the country's debt crisis from dragging others into
a continent-wide financial meltdown. European Union monetary affairs
commissioner Olli Rehn said Thursday he was "confident the talks will be
concluded in the next days." Rehn's appearance at the NEW YORK (AP) -- That marks the first year-over-year
increase in profits for Exxon since it posted an all-time record of $14.83
billion in the third quarter of 2008. Still, earnings remain significantly
below that level. During the first three months of this year, the Irving,
Texas, oil giant had a profit of $6.3 billion, or $1.33 per share. That
compares with $4.55 billion, or 92 cents per share, in the same period last
year. Two years ago, Exxon earned $10.89 billion in the first quarter. Shoppers hand product makers rising
sales CINCINNATI (AP) -- Big-brand consumer
products companies are starting to win the battle for shoppers who traded down
to store brands by cutting prices, rolling out both lower- and higher-priced
new products, and pumping up promotions. Procter & Gamble Co.,
Colgate-Palmolive Co. and Unilever NV all showed strong sales growth in
Thursday's quarterly earnings report, although P&G's results were hurt by
charges including from the U.S. health care overhaul and Colgate took a hit
from the currency devaluation in While consumers are still minding their
budgets, the rising sales are an encouraging, if tentative, sign of economic
rebound after more than a year of steep shopper cutbacks. Drugmakers post higher 1st-quarter
profits, sales TRENTON, N.J. (AP) -- Three top
drugmakers on Thursday posted healthy increases in first-quarter sales and
profits, with strong sales of key drugs buoying Bristol-Myers Squibb Co.,
AstraZeneca LP and Sanofi-Aventis SA. Their positive start to 2010 is similar
to what most major drug companies have been reporting this quarter as the
recession eases. But pharmaceutical reports won't necessarily be as rosy for
the next three quarters, due to the new U.S. health law and other factors. Besides the health overhaul, individual
drugmakers are being affected to varying extents by growing economic
uncertainty in Europe, currency fluctuations and new generic competition for
some products. Obama selects Yellen as No. 2 at WASHINGTON (AP) -- Putting a bigger
stamp on the The nominations are subject to Senate
approval. If the Senate confirms all three nominees, Obama will have appointed
five of the seven members of the His moves come as the Fed, whose
decisions influence economic activity, employment and inflation, is facing
political and economic challenges. CHARLOTTE, N.C. (AP) -- The New York company said its net
income totaled $805 million compared to a loss of $574 million a year ago. Net
earnings per share rose to 97 cents from a loss of 71 cents last year. Operating income, which excludes
investment gains and losses, grew sixfold to $834 million, or $1.01 per share,
versus $131 million, or 16 cents per share, a year ago. By The Associated Press The Dow rose 122.05, or 1.1 percent, to
11,167.32, bringing its two-day advance to 175.33. The Standard & Poor's 500 index
rose 15.42, or 1.3 percent, to 1,206.78, while the Benchmark crude for June delivery rose
$1.95 to settle at $85.17 per barrel on the New York Mercantile Exchange. Natural gas for June delivery fell 36.8
cents to settle at $3.980 per 1,000 cubic feet on the New York Mercantile
Exchange. In other Nymex trading in May
contracts, heating oil rose 2.22 cents to settle at $2.2512 a gallon, and
gasoline gained 2.29 cents to settle at $2.3556 a gallon. Both contracts expire
Friday. In London, Brent crude rose 74 cents to
settle at $86.90 on the ICE futures exchange.