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AP Business NewsBrief at 8:24 p.m. EST
(AP Online Via Acquire Media NewsEdge) Investors collect profits after last week's rallyNEW YORK (AP) _ Caution returned to Wall Street Monday as investors gave back some gains from last week's rally even as they found encouragement from President-elect Barack Obama's calls for an economic stimulus package. Some retreat was to be expected after investors sent the Dow Jones industrial average to a two-month high on Friday; investors are wary about pouring more money into the battered market with economic data still weak and fourth-quarter earnings reports coming later this month.
Obama plunges into econ talks, predicts approvalWASHINGTON (AP) _ President-elect Barack Obama plunged into rare pre-inaugural crisis talks with congressional leaders Monday, declaring the national economy was "bad and getting worse" and embracing tax cuts now expected to reach $300 billion. He predicted lawmakers would approve a mammoth revitalization package within two weeks of his taking office. If the two-year plan is enacted, workers would see larger paychecks almost immediately because taxes withheld by the government would drop. The break would be retroactive to Jan. 1, and couples receiving a $1,000 tax cut would begin receiving an extra $40 in twice-monthly paychecks as the government tries to spark more consumer spending.
US auto sales plunge whopping 36 percent in Dec.DETROIT (AP) _ Huge rebates and zero-percent loans couldn't overcome economic uncertainty as U.S. auto sales plunged 36 percent in December, capping a dismal year that saw sales free-fall by 2.9 million vehicles from 2007. The bleak numbers, according to both industry officials and analysts, mean that record high rebates and low-interest financing deals will stick around until at least February. But those deals will likely disappear as the remaining 2008 models are sold and inventories are lowered to match demand.
Apple's Jobs has hormone imbalance, will stay CEONEW YORK (AP) _ Apple Inc. founder Steve Jobs, a survivor of pancreatic cancer whose gaunt appearance in the past year has alarmed the Mac and iPod lovers who look to him as an oracle, said Monday he has an easily treated hormone imbalance and will remain in charge of the company. The news sent Apple stock up more than 4 percent on a down day for much of the market. But Jobs did not say whether the problem was related to the cancer, and some analysts said the health watch may not be over.
Congressmen sound off against SEC in Madoff affairWASHINGTON (AP) _ Republican and Democratic House members said Monday that the alleged $50 billion fraud involving Wall Street figure Bernard Madoff reflects deep, systemic problems at the Securities and Exchange Commission. Inspector General H. David Kotz said he is so concerned about the SEC's failure to uncover Madoff's alleged Ponzi scheme that the IG is expanding the inquiry called for last month by SEC Chairman Christopher Cox. Cox had pushed the blame squarely onto the SEC's career staff for the failure to detect what Madoff was doing.
AP source: Ex-eBay CEO to run for Calif. governorSACRAMENTO, Calif. (AP) _ Former eBay Inc. chief executive Meg Whitman plans to run for governor of California, a person with knowledge of her political aspirations said Monday. The 52-year-old Republican plans to run in 2010 for the seat Gov. Arnold Schwarzenegger is leaving but is not ready to make a formal announcement, said the person, who was not authorized to talk publicly and spoke Monday on condition of anonymity.
US govt to NY judge: Jail Madoff without bailNEW YORK (AP) _ A prosecutor on Monday asked that Bernard Madoff be jailed pending trial, saying the disgraced financier violated an agreement with the court by mailing watches, jewelry, cufflinks and mittens worth more than $1 million to relatives and friends. "The defendant's recent actions amount to obstruction of justice," Assistant U.S. Attorney Marc Litt told U.S. Magistrate Judge Ronald Ellis at an hour-long bail hearing. The prosecutor said one package of items that was accompanied by a handwritten note from Madoff may alone be worth more than $1 million.
Cigna to cut about 1,100 jobs, 4 pct of work forceINDIANAPOLIS (AP) _ Managed care provider Cigna Corp. said Monday the slumping economy has forced it to cut roughly 1,100 jobs, as it deals with employer customers who also are making cuts and reducing the number of people covered by insurance. The Philadelphia-based insurer will cut about 1,000 U.S. positions and 100 outside the United States. The layoffs amount to about 4 percent of its work force, which totals roughly 28,000 people.
Construction spending shows gains but outlook grimWASHINGTON (AP) _ Construction spending fell less than expected in November as record activity on nonresidential projects helped offset another steep decline in housing. But the outlook remains bleak as credit is tight for builders trying to stay afloat amid a recession entering its second year. Construction spending fell 0.6 percent in November, the Commerce Department reported Monday, less than half of the 1.3 percent decline economists had expected.
Oil settles above $48 on uneasy MideastSIOUX FALLS, S.D. (AP) _ Israel's ground offensive in Gaza and a dispute between Ukraine and Russia over gas imports pushed oil prices above $48 a barrel Monday, but some analysts say there's more than just unrest in the Middle East behind the rally. Light, sweet crude for February delivery rose $2.47 cents to settle at $48.81 a barrel on the New York Mercantile Exchange.
Copyright ? 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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