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AP Business NewsBrief at 1:51 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Stocks jump on better-than-expected GDP, jobs dataNEW YORK (AP) _ Wall Street barreled higher Thursday after a better-than-expected reading on the gross domestic product and a drop in jobless claims gave investors some reassurance that the economy is holding up. The Dow Jones industrial average jumped more than 200 points. A decline in oil prices also appeared to add force to the rally in stocks. But trading volume was again light heading toward the Labor Day weekend, a condition that can skew price moves.
Dell 2Q profit drops, hurt by PC price cutsComputer maker Dell Inc. said Thursday its fiscal second-quarter profit fell 17 percent, hurt in part by PC price cuts. Both earnings and margins fell short of Wall Street estimates, and Dell shares plunged. For the three-month period that ended Aug. 1, Dell's earnings dropped to $616 million, or 31 cents per share, from $746 million, or 32 cents per share in the same period last year.
Toyota lowers 2009 global sales targetTOKYO (AP) _ Toyota lowered its global sales target for 2009 by 700,000 vehicles to 9.7 million Thursday, showing that even one of the world's most durable automakers is being hurt by rising material costs, a slowing U.S. market and soaring gas prices. "We have been going at top speed up to now," President Katsuaki Watanabe told reporters at a Tokyo hotel after announcing the numbers. "It is time to set more cautious targets."
Spring's economic rebound unlikely to lastWASHINGTON (AP) _ The economy pulled out of a dangerous rough patch in the spring, thanks largely to strong exports, but the rebound isn't expected to last. Economic slowdowns overseas could make exports tail off just as Americans are hunkering down after the bracing impact of rebate checks wanes, plunging the country into another rut later this year. "There will be heavy sledding for the U.S. economy during the next couple of quarters," predicted Lynn Reaser, chief economist at Bank of America's Investment Strategies Group.
Boeing sends machinists final offerBoeing Co. delivered a final contract offer to its union machinists Thursday that it said would boost pay by 11 percent on average over three years, the latest effort by the airplane maker to avoid a strike that could cost it millions of dollars a day. Chicago-based Boeing said the proposed contract was its "best and final" offer and would increase compensation for the more than 27,000 union workers in Washington state, Kansas and Oregon. It includes a $2,500 bonus for workers if the contract is ratified by next Wednesday _ the day the current contract expires and a union vote is scheduled.
Gustav likely to push up gas prices for Labor DayNEW YORK (AP) _ Drivers might want to top off their tanks early before hitting the road for Labor Day weekend. Consumers will likely face higher prices at the pump during the busy holiday period as Tropical Storm Gustav swirls toward the Gulf of Mexico on a path that could disrupt energy production. Any damage to oil and gas facilities _ especially along the vulnerable Gulf Coast _ could send retail gas prices spiking back above $4 a gallon, analysts say.
Automakers face conflicting safety rules worldwideDEARBORN, Mich. (AP) _ It seems like an easy solution: Americans are looking for more fuel-efficient vehicles, so Ford Motor Co. is bringing over some of the small, gas-sipping cars it's been selling to Europeans for years. But introducing the cars to the U.S. market isn't as simple as changing the speedometer from kilometers to miles. Ford has to reconcile American and European safety regulations _ everything from the color of rear turn signals to the positioning of crash test dummies _ that will keep the cars from hitting U.S. highways anytime soon.
CDC: Salmonella outbreak appears to be overWASHINGTON (AP) _ The government said Thursday that the salmonella outbreak that sickened at least 1,440 people appears to be over, but its ultimate source may never be known, partly because of shortcomings in the nation's food safety system. The Centers for Disease Control and Prevention and the Food and Drug Administration said they found strong evidence to implicate jalapeno and serrano peppers, and a farm in Mexico, in the largest outbreak of foodborne illness in a decade. Investigators were unable to clear domestic and imported tomatoes, however, although the evidence against tomatoes is weaker.
Sears' 2Q profit drops 62 percentCHICAGO (AP) _ Beleaguered retailer Sears Holdings Corp. reported a hefty drop in second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers who've taken their checkbooks elsewhere. The company led by financier Edward Lampert also delivered a downbeat outlook, predicting sales and gross profit margins will feel continued pressure from the sluggish economy.
Jewelers look abroad to boost sales as US slowsNEW YORK (AP) _ Rising sales in Asia and Europe boosted Tiffany & Co.'s second-quarter profit on Thursday, signaling that strong international demand for jewelry is helping offset U.S. economic weakness. Fellow jeweler Zale Corp. posted a loss for its fiscal fourth quarter but forecast 2009 profit above Wall Street expectations and noted significant growth opportunities in Canada.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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