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AP Business NewsBrief at 10:21 a.m. EDT
(Associated Press Via Acquire Media NewsEdge) Stocks mixed despite strong retail sales reportNEW YORK (AP) _ The Dow Jones industrial average rose but other stock indexes fell early Monday as a strong report on retail sales didn't dispel worries about the economy. The Dow climbed 42 points to 12,981 in the first 45 minutes of trading. The Standard & Poor's 500 fell four to 1,365 and the Nasdaq composite fell 35 points to 2,976.
ECB leaves bond purchase program on shelfFRANKFURT, Germany (AP) _ The European Central Bank did not step in to the markets to buy government debt last week _ despite rising bond market pressure on Spain and Italy. There has been speculation that worsening market conditions might push the ECB to restart the program, under which it bought the bonds of indebted countries in the secondary market. The ECB action was intended to lower their borrowing costs and take pressure off their budgets.
US business stockpiles grew 0.6 pct. in FebruaryWASHINGTON (AP) _ U.S. companies restocked at a steady pace in February, suggesting businesses are more hopeful about sales. The Commerce Department said Monday that business stockpiles rose a seasonally adjusted 0.6 percent. That's below January's upwardly revised gain of 0.8 percent.
US homebuilder outlook dips below 4-year highWASHINGTON (AP) _ The outlook among U.S. homebuilders dimmed in April after six months of rising or steady confidence. The decline suggests the housing market remains weak despite modest gains. The National Association of Home Builders/Wells Fargo said Monday that its builder sentiment index fell this month to 25 from 28. Last month's reading was the highest since June 2007. The index rose for five straight months between September and February.
US retail sales rose 0.8 pct., helped by job gainsWASHINGTON (AP) _ U.S. retail sales rose at a solid pace last month, as a healthier job market and warmer weather encouraged more Americans to shop. The Commerce Department said Monday that retail sales rose 0.8 percent in March. That's below February's 1 percent increase but above January's pace.
Virgin: 4 injured in Gatwick emergency landingLONDON (AP) _ Virgin Atlantic Airways said four people suffered minor injuries after a plane bound from Britain to Florida made an emergency landing at London's Gatwick Airport Monday. The airline declined to provide further details on the nature of the injuries or what exactly caused the emergency, but said that all passengers and crew have safely disembarked the plane.
Citigroup made $2.9 billion in 1Q, missing StreetNEW YORK (AP) _ Citigroup made $2.9 billion in the first three months of the year, helped by record revenue from processing transactions for its international clients and more customers paying back loans on time. The bank earned 95 cents per share, falling short of the $1.01 expected by analysts surveyed by FactSet, a provider of financial data.
Mattel 1Q net income falls, Barbie sales downEL SEGUNDO, Calif. (AP) _ Mattel Inc. said Monday that its first-quarter profit dropped 53 percent, pulled down by costs tied to an acquisition and lower sales for Barbie and Hot Wheels, particularly in North America. The largest U.S. toy maker said timing related to shipping "Cars 2"-related toys last year, plus cautious retailer orders, caused North American revenue to slide 9 percent.
Moody's downgrades struggling Nokia's debt ratingHELSINKI (AP) _ Moody's says it has downgraded Nokia Corp.'s debt rating because of a sharp decline in expected first-quarter cell phone sales that led to a 35 percent fall in revenue in the period. The agency on Monday dropped the struggling Finnish company's long-term credit rating by one notch to Baa3 following last week's profit warning.
Court rejects Skilling appeal againWASHINGTON (AP) _ The Supreme Court has rejected another appeal from Jeffrey Skilling, the ex-CEO of disgraced energy giant Enron. The high court on Monday refused to hear his appeal of a lower court's rejection of his theory that a flaw in his earlier trial meant that the whole thing should have been thrown out.
(c) 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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