| Wall Street trims gains on Boehner comments Posted: 29 Nov 2012 09:00 AM PST  NEW YORK (Reuters) - Stocks sharply trimmed earlier gains, with the Dow industrials and S&P 500 briefly dropping, after the top Republican in Congress, John Boehner, said there had been no substantive progress in fiscal talks over the last two weeks. The Dow Jones industrial average edged up 8.18 points, or 0.06 percent, to 12,993.29. The S&P 500 gained 3.11 points, or 0.22 percent, to 1,413.04. The Nasdaq Composite added 11.85 points, or 0.40 percent, to 3,003.63. The S&P had gained as much as 0.7 percent before Boehner spoke. ...
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| No "substantive" progress made on fiscal cliff: Boehner Posted: 29 Nov 2012 09:02 AM PST  WASHINGTON (Reuters) - House Speaker John Boehner said on Thursday that no substantive progress has been made to avoid the "fiscal cliff" of spending cuts and tax hikes that will start to go into effect early next year if Washington does not act. "Listen, I remain hopeful that productive conversations can be had in the days ahead. But the White House has to get serious," House of Representatives Speaker Boehner told reporters after a meeting with Treasury Secretary Timothy Geithner and the White House's main liaison to Congress. ...
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| Geithner travels to Capitol for U.S. "fiscal cliff" talks Posted: 29 Nov 2012 09:03 AM PST  WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner, President Barack Obama's chief negotiator in talks to avert the "fiscal cliff," began a round of meetings with congressional leaders from both parties on Thursday amid signs the market-rattling uncertainty about the outcome could go down to the wire. Geithner, accompanied by Obama's top legislative aide, Ron Nabors, met privately with Senate Democratic Leader Harry Reid before heading across the Capitol for a session with Republican leaders of the House of Representatives. ...
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| Inventories boost U.S. economic growth, but trend weak Posted: 29 Nov 2012 07:29 AM PST  WASHINGTON (Reuters) - The U.S. economy grew faster than initially thought in the third quarter as restocking by businesses provided a big boost, but consumer and business spending were revised lower in a sobering reminder of the recovery's underlying weakness. Gross domestic product expanded at a 2.7 percent annual rate, the Commerce Department said on Thursday, as export growth also helped to offset the weakest consumer spending and first drop in business investment in more than a year. ...
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| November auto sales up on storm recovery, pent-up demand Posted: 29 Nov 2012 07:54 AM PST  LOS ANGELES (Reuters) - Auto sales are expected to rebound robustly in November, potentially hitting their strongest pace in more than four years, as consumers in the Northeast returned to dealerships after superstorm Sandy hurt demand in late October. November sales were also boosted by pent-up demand for vehicles as consumers replaced their aging cars and trucks, analysts and executives said. ...
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| Tiffany lowers forecast as Asia same-store sales fall Posted: 29 Nov 2012 07:21 AM PST  (Reuters) - Tiffany & Co lowered its fiscal-year sales and profit forecast for the third straight quarter and reported lower-than-expected revenue and earnings after a drop in same-store sales in its key Asia market. Shares slid more than 8 percent in premarket trading on Thursday. The high-end jeweler, famed for its blue boxes, has banked heavily on new markets, particularly Asia, where it gets nearly one-quarter of its business and is its fastest-growing segment. But the region has been affected by the economic slowdown in China. ...
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| Shell sees big output boost from Chesapeake acreage buy Posted: 29 Nov 2012 08:43 AM PST  NEW YORK (Reuters) - Royal Dutch Shell expects "years and years" of production from oil and natural gas acreage it recently bought from Chesapeake Energy Corp and plans to add more drilling rigs, the head of Shell's Americas operations said on Thursday. Shell paid $1.94 billion last September for 618,000 acres in the Permian Basin, a vast oil and natural gas source in western Texas. ...
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| European shares post highest close since July 2011 Posted: 29 Nov 2012 08:39 AM PST LONDON (Reuters) - A leading European share index hit its highest closing level since July 2011 on Thursday, led by mining stocks, on increased optimism that U.S. politicians would reach a deal to avoid growth-sapping austerity measures. The pan-European FTSEurofirst 300 index provisionally closed up 1.1 percent at 1,121.32 points, while the euro zone's blue-chip Euro STOXX 50 index gained 1.3 percent to 2,579.85 points. Equity markets were buoyed by comments from U.S. ... |
| Lockheed confident F-35 contract can be reached before year-end Posted: 29 Nov 2012 07:39 AM PST  NEW YORK (Reuters) - Lockheed Martin Corp President Marillyn Hewson said on Thursday the company's talks with the Pentagon about a fifth batch of F-35 fighter jets were progressing well and an agreement was likely before the end of the year. "Those negotiations are progressing well," Hewson told an investor conference hosted by Credit Suisse in her first major presentation to Wall Street investors. "I do feel confident that we're going to get to closure this year. ...
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| Weak start to November hits some big U.S. retailers Posted: 29 Nov 2012 06:49 AM PST  (Reuters) - Leading U.S. retailers said weak sales in early November, when people in the Northeast were cleaning up after superstorm Sandy, dragged down results for the month, despite brisk activity over the long Thanksgiving weekend. Target Corp and Macy's Inc, two of the biggest companies to report monthly sales on Thursday, missed analysts' expectations. Both said the weakness came at the beginning of November, not during the Thanksgiving weekend rush. ...
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| Stocks edge higher as budget talks move ahead Posted: 29 Nov 2012 07:23 AM PST  Optimism that a budget deal will be reached in Washington helped lift the stock market in early Thursday trading. A pair of economic reports also brightened the mood.
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| US pending home sales jump to nearly a 6-year high Posted: 29 Nov 2012 08:32 AM PST  An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.
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| Retailers report weak sales gains for November Posted: 29 Nov 2012 09:03 AM PST  Black Friday was no match for Sandy.
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| US economy grew at 2.7 percent rate in summer Posted: 29 Nov 2012 08:40 AM PST  The U.S. economy grew at a 2.7 percent annual rate from July through September, much faster than first thought. The strength is expected to fade in the final months of the year because of the impact of Superstorm Sandy and uncertainty about looming tax increases and government spending cuts.
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| Rate on US 30-year mortgage ticks up to 3.32 pct. Posted: 29 Nov 2012 07:10 AM PST Average U.S. rates on fixed mortgages stayed close to record lows this week, a trend that has made home buying more affordable and helped the housing market recover. |
| Applications for US jobless aid fall to 393,000 Posted: 29 Nov 2012 08:33 AM PST  The number of Americans seeking unemployment benefits fell 23,000 to a seasonally adjusted 393,000 last week. It was the second straight drop after Superstorm Sandy had driven applications much higher earlier this month.
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| White House, Congress talk as 'fiscal cliff' nears Posted: 29 Nov 2012 08:35 AM PST  An end of the year deadline rapidly approaching, top Obama administration officials went to Capitol Hill Thursday to press the White House case for raising tax rates on upper-bracket earners.
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| $588M Powerball jackpot tickets sold in Ariz., Mo. Posted: 29 Nov 2012 08:28 AM PST  Two lucky ticket holders — one in Arizona and another in Missouri — are waking up Thursday to new lives as multimillionaires after the largest Powerball jackpot drawing ever.
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| Tiffany 3Q results miss Street, cuts 2012 outlook Posted: 29 Nov 2012 08:09 AM PST  Tiffany & Co.'s third-quarter net income fell 30 percent, stung by a higher-than-expected tax rate, ongoing economic weakness and high precious metal and diamond costs.
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| US budget deal hopes give markets a boost Posted: 29 Nov 2012 07:27 AM PST  Hopes that U.S. political leaders may be inching towards a budget deal that will avoid automatic spending cuts and tax increases gave markets a big boost Thursday.
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