Business
The latest news and commentary on the economy, the markets, and business
Dow, Nasdaq Surge to Post-Crisis Highs on Strong Jobs, Economic DataWall Street enjoyed a broad-based rally on Friday as two key stock indexes rose to the highest levels since before the Great Recession, propelled by better-than-expected employment data released earlier in the day. The strong upward movement by stocks suggests that investors are gaining confidence in the U.S. economic recovery and putting money back to [...]
Micron CEO Dies in Plane Crash(BOISE) — Steve Appleton, the chief operating officer and chairman of Micron, died Friday morning in a small plane crash in Boise, the company said. He was 51. Micron spokesman Dan Francisco confirmed Appleton’s death in a release, and trading in Micron stocks has been halted. Appleton, an avid pilot, was the only one in [...]
January Jobs Report: Good News for the Economy, Bad News for the PessimistsSome Obama opponents are struggling to find a cloud in the silver lining of January?s jobs numbers, which estimated that there was a 243,000-job boost and a big drop in the unemployment rate, from 8.5% to 8.3%, last month. Their biggest gripe focuses on the size of the labor force: As the unemployment rate has trended down [...]
Is ?Made in America? Back In Style?My grandparents had two criteria for buying a car: It had to be blue, and it had to be American. The last time they purchased a car was in the '90s, when American car companies didn't have the best reputations for quality or reliability. When a few members of the family's younger generation brought up the possibility of my grandparents considering Asian and European makers, it was as if we were suggesting that they commit treason. "We have to buy American," they said. End of conversation.
Living through the Great Depression, World War II, and the Cold War ingrained upon my grandparents and their generation that buying American was just a way of life. You brush your teeth in the morning, and you buy American. That sentiment has slipped in succeeding generations, but there appear to be signs that, to some extent, it is returning.
Unemployment Falls As U.S. Adds 243,000 JobsThe U.S. labor market continued to add new jobs in January, pushing the unemployment rate to the lowest level in nearly three years, in a sign that the economy is recovering from the worst recession in decades. The Bureau of Labor Statistics said January’s unemployment rate fell to 8.3% from 8.5% in December as the [...]
Advertising Killed the Radio Star: How Pop Music and TV Ads Became InseparableIn the twisted, tangled marriage between popular music and television advertising, pop singers are penning songs for companies as TV spots break emerging artists.
Zynga Shares Jump On Facebook IPO ConnectionIt's good to be friends with Facebook. Zynga, the online video game company, saw its stock soar nearly 20% Thursday after Facebook disclosed that it made 12% of its revenue off the company last year. The social networking giant, which plans to go public later this year, also listed its dependance on Zynga as a "risk factor" in its IPO filing.
Zynga, which makes games such as Farmville, CityVille, and MafiaWars, was founded in 2007 by Mark Pincus. The company boasts 54 million users who play every day and 227 million users who play at least once a month. Many of them play on Facebook. In the first nine months of 2011 Zynga users spent nearly $800 million on virtual goods that enhance the gaming experience, such as extra ?energy,? increased ?power,? and various in-game objects like buildings and animals
New Sony CEO Faces Historic Losses and Global ChallengesSony Corp. announced grim projections for the fiscal year on Thursday in Tokyo, reporting $1.2 billion in operating losses for the third quarter and a projected $2.9 billion loss for the year. The bleak figures highlight the challenge ahead for Kazuo ?Kaz? Hirai, who will take the helm of the struggling electronics and entertainment giant, [...]
Bernanke Urges Caution in Sharp Deficit CuttingWASHINGTON ? Ben Bernanke is urging lawmakers to balance their desire to cut deficits with policies that could help boost the weak economy in the short run. Bernanke told the House Budget Committee that he recognizes that huge budget deficits represent a serious threat to the economy. “Even as fiscal policymakers address the urgent issue [...]
Fewer Seek Unemployment Aid as Job Market ImprovesAP / CHRISTOPHER S. RUGABER (WASHINGTON) — The number of people seeking unemployment aid fell last week, a sign that companies are cutting fewer jobs and likely stepping up hiring. The Labor Department says weekly unemployment applications fell 12,000 to a seasonally adjusted 367,000. The four-week average, a less volatile measure, dropped for the third [...]
