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AP Business NewsBrief at 10:35 a.m. EST
(AP Online Via Acquire Media NewsEdge) Services sector shrank in Feb., 5th straight monthWASHINGTON (AP) _ A private measure of the services sector shrank in February for the fifth straight month as the recession deepened. The Institute for Supply Management, a Tempe, Ariz.-based trade group of purchasing executives, says its services index fell to 41.6 last month from 42.9 in January. The February reading was slightly above economists' expectations.
Stocks move higher after 5 days of heavy sellingNEW YORK (AP) _ Investors cautiously returned to the stock market Wednesday, sifting for bargains after five straight days of heavy selling. A slightly better-than-expected report on the services sector helped push stocks higher. The major indexes were up about 1 percent.
Obama administration launches housing planWASHINGTON (AP) _ The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments. The Treasury Department released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.
Supreme Court rejects limits on drug lawsuitsWASHINGTON (AP) _ The Supreme Court has upheld a $6.7 million jury award to a musician who lost her arm because of a botched injection of an anti-nausea medication. The court brushed away a plea that it limit lawsuits against drug makers. In a 6-3 decision Wednesday, the court rejected Wyeth Pharmaceuticals' claim that federal approval of its Phenergan anti-nausea drug should have shielded the company from lawsuits like the one filed by Diana Levine of Vermont.
Obama seeks major change in federal contractingWASHINGTON (AP) _ President Barack Obama has approved an order to overhaul the way the U.S. government awards contracts for work to be done by the private sector. Obama joined Republican Sen. John McCain, his presidential campaign rival, and other congressional figures Wednesday to announce an executive memorandum that commits his administration to a new set of marching orders for awarding contracts. Obama said "the days of giving government contractors a blank check are over" and said changes could save up to $40 billion a year.
Toll Brothers fiscal 1st-qtr loss narrowsHORSHAM, Pa. (AP) _ Toll Brothers Inc. said Wednesday its loss in the fiscal first quarter narrowed despite plummeting revenue as the luxury homebuilder slashed expenses. For the quarter ended in January, Toll Brothers lost $89 million, or 55 cents per share, compared with a year-ago loss of $96 million, or 61 cents per share.
Costco 2Q profit drops partly on stronger dollarISSAQUAH, Wash. (AP) _ Costco Wholesale Corp. said Wednesday that its fiscal second-quarter profit fell 27 percent partly on lower non-foods sales and some deeper discounting, while the stronger dollar and falling gas prices took a toll on same-store sales. Last month the warehouse retailer cautioned that its second-quarter profit was likely to "substantially" miss Wall Street estimates due to poor sales and margins. The company also said at the time that it would not provide earnings guidance for the rest of the fiscal year.
Oil rises to $44 as investors eye inventoriesOil prices jumped over 5 percent to near $44 a barrel Wednesday as global stock markets rallied and investors looked to a U.S. crude inventory report later in the day for signs of demand amid the worst recession in decades. Benchmark crude for April delivery rose $2.37 to $44.02 a barrel by late early afternoon in Europe on the New York Mercantile Exchange. Prices increased $1.50 to settle at $41.65 on Tuesday.
BJ's Wholesale Club 4Q profit up on settlementsNATICK, Mass. (AP) _ BJ's Wholesale Club Inc. said Wednesday that its fiscal fourth-quarter profit rose 5 percent partly on favorable state income tax audit settlements. The nation's third-biggest warehouse club also predicted 2009 earnings within range of analysts' estimates.
EU ends full-time monitoring of MicrosoftBRUSSELS (AP) _ Microsoft got a reward for good behavior from European Union regulators on Wednesday when they ended close checks on the company's compliance with a 2004 antitrust order. The European Commission said it no longer needed a full-time monitoring trustee to make sure Microsoft Corp. was obeying an EU order to share technical information with rivals that would help them make products compatible with Microsoft servers.
Copyright ? 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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