Wall St ends a tad higher; Dow, Nasdaq at '09 highs
NEW YORK (Reuters) - U.S. stocks ended a smidgen higher in very light trading on Wednesday as a stronger-than-expected report on Midwest U.S. business activity was offset by investors taking profits in some of the year's better performers. Still, the Dow and the Nasdaq eked out fresh highs for the year. The Standard & Poor's benchmark index is up 25 percent for 2009, putting it on track for its best year since 2003.
Treasury to dole out $3.8 billion to GMAC, raise stake
WASHINGTON (Reuters) - The U.S. is injecting another $3.8 billion into GMAC Financial Services to help cover mortgage losses, in a bailout that makes the government the majority owner of the auto and home finance company. GMAC said after the capital infusion it does not expect to record more major losses from its mortgage lending unit, which should help stabilize results.
AIG executive resigns over pay limits
NEW YORK (Reuters) - A top executive at American International Group Inc <AIG.N> has resigned because of pay curbs imposed by the Obama Administration's pay czar, the insurer said on Wednesday. Anastasia Kelly, AIG's vice chairman for legal, human resources, corporate affairs and corporate communications, resigned effective December 30 for "good reason" and is eligible for severance pay under the terms of the company's executive severance plan, the insurer said.
The coming Great Inflation, real or imagined
WASHINGTON (Reuters) - A historic economic crisis has left Americans with plenty of things to worry about. But is inflation one of them? And is there a risk that fretting over higher prices may actually bring them about? The answers to these questions will help define the timing of the Federal Reserve's pullback from an unprecedented level of monetary stimulus, deployed to combat the worst financial panic since the Great Depression.
Japan mulls merging JAL's int'l service into ANA's: report
TOKYO (Reuters) - Several cabinet members of the Japanese government want Japan Airlines Corp <9205.T> to withdraw completely from its international flights business and consolidate it with that of All Nippon Airways Co <9202.T>, the Mainichi Shimbun newspaper reported on Thursday. The cabinet members met on Wednesday and appeared to have floated the idea in order to improve JAL's financial condition, Mainichi reported, without citing any sources.
Geely gets China's support for Volvo, 2010 auto sales