AP
Business News - AP

In this Nov. 17, 2009 photo, A 'sold' sign is seen outside a home in Los Angeles. October home sales are up 10.1 percent, beating expectations, as tax credit spurs sales. (AP Photo/Reed Saxon)

Tax credit gives home sales best boost in decade

1 hour, 38 minutes ago

WASHINGTON - First-time buyers taking advantage of a special tax credit gave sales of existing homes in October their biggest surge in a decade, raising hopes for a turnaround in the housing market and pleasing Wall Street.

  • FILE - In this March 8, 2009 file photo, the Hewlett-Packard Co. facility in Palo Alto, Calif., is shown. Hewlett-Packard Co. releases quarterly earnings after the market close Monday, Nov. 23, 2009. (AP Photo/Paul Sakuma, file)
    HP profit jumps on cost-cutting, services strength 12 minutes ago

    SAN FRANCISCO - Hewlett-Packard Co.'s profit jumped 14 percent in the latest quarter, proof that cost-cutting and a push into rival IBM Corp.'s stronghold of technology services is helping the company absorb a falloff in sales in most of its major divisions.

  • Specialists work on the floor of the New York Stock Exchange Monday, Nov. 23, 2009. Investors halted the stock market's three-day losing streak Monday, buying on a range of factors including the weaker dollar and better-than-expected home sales numbers. (AP Photo/Richard Drew)
    Weak dollar, home sales data carry stocks higher 2 hours, 8 minutes ago

    NEW YORK - The stock market ended a three-day losing streak Monday, closing broadly higher as a weaker dollar and upbeat home sales numbers encouraged investors to take on more risk.

  • FILE - In this Nov. 19, 2009 file photo, shoppers prepare to load their car with purchases from a Kmart store in Somerville, Mass. This week, which will be abbreviated due to Thanksgiving, investors will look to reports on home sales, unemployment and consumer confidence and the start of the holiday shopping season on Friday for more insight into the direction of the economy. (AP Photo/Elise Amendola, File)
    AP-GfK Poll: Debt turning shoppers into Scrooges 27 minutes ago

    WASHINGTON - A lot more Americans are feeling stressed out by debt this holiday season, raising the glum likelihood they'll behave like Scrooge rather than Santa.

  • Defense Secretary Roberty Gates, third from left, watches as President Barack Obama speaks during a meeting with members of his Cabinet in the Cabinet Room of the White House in Washington, Monday, Nov. 23, 2009. Also seated at the table are Secretary of Sate Hillary Rodham Clinton, left, Commerce Secretary Gary Locke, second from right, and Transportation Secretary Ray LaHood, right. (AP Photo/Susan Walsh)
    Obama: US economy has 'core strengths' 58 minutes ago

    WASHINGTON - President Barack Obama said Monday the nation's economy is in good shape for the long term thanks to "core strengths" such as its universities, its innovation and a dynamic workforce.

  • In this photo made Wednesday, Oct. 28, 2009, a Tyson Foods, Inc., truck is parked at a food warehouse in Little Rock, Ark. Tyson Foods, the world's largest meat producer, said Monday, Nov. 23, 2009, it lost money in its fiscal fourth quarter primarily on a hefty goodwill impairment charge.(AP Photo/Danny Johnston)
    Tyson Foods posts 4Q loss on beef charge 2 hours, 51 minutes ago

    MILWAUKEE - Tyson Foods Inc. said it made strides in the meat business this year and predicts more improvements next year, but analysts worry the company's all-important chicken business is lagging others in the industry.

  • Job seekers look over a list of jobs at an employment center in San Francisco, California November 20, 2009.  California's unemployment rate for October hit 12.5 percent, as the pace of job losses slowed in many U.S. states. REUTERS/Robert Galbraith  (UNITED STATES BUSINESS EMPLOYMENT)
    Economic survey: Job losses to bottom out in 1Q Mon Nov 23, 2:14 PM ET

    Economists expect the joblessness that has weighed down the nation's economic recovery will start to slowly abate in 2010, but they predict consumers will continue to keep a tight rein on spending, according to a new survey.

  • In this Oct. 14, 2009 photo, an air conditioner coil that has some corrosion at the home of James and Maria Ivory in Punta Gorda, Florida. The federal government says it finds a 'strong association' between problematic imported Chinese drywall and corrosion of pipes and wires, a conclusion that supports complaints by thousands of homeowners over the last year. (AP Photo/J. Meric)
    Feds find association between drywall, corrosion 1 hour, 51 minutes ago

    WEST PALM BEACH, Fla. - The federal government said Monday that it has found a "strong association" between problematic imported Chinese drywall and corrosion of pipes and wires, a conclusion that supports complaints by thousands of homeowners over the last year.

  • In this photo taken Nov. 20, 2009, a tanker truck makes a fuel delivery at a Little Rock, Ark., gas station. Retail gasoline prices headed downward to begin one of the country's busiest travel weeks, with more than 33 million people expected to hit the road for the Thanksgiving holiday.(AP Photo/Danny Johnston)
    Gas prices fall to begin busy travel week 2 hours, 52 minutes ago

    Retail gasoline prices headed downward in most places to begin one of the country's busiest travel weeks, with more than 33 million people expected to hit the road for the Thanksgiving holiday.

  • A can of Campbell's chicken noodle soup is shown at a grocery store in Palo Alto, Calif., Monday, Nov. 23, 2009. Campbell Soup Co. reported Monday that it increased its first quarter profit by 17 percent with the help of increased efficiency in getting its products from its plants to store shelves. (AP Photo/Paul Sakuma)
    Campbell Soup earnings rise as expenses fall Mon Nov 23, 4:59 PM ET

    MOUNT LAUREL, N.J. - Price-conscious grocery shoppers are being choosy about what they buy to cook at home, even from the value-oriented Campbell Soup Co.

  • In this photo provided by CBS, Sen. Chuck Schumer, D-N.Y., appears on CBS's 'Face the Nation' in Washington, Sunday, Nov. 22, 2009. (AP Photo/CBS Face the Nation, Karin Cooper) MANDATORY CREDIT, NO SALES,  NO ARCHIVE
    Schumer says failure not an option on health care 1 hour, 44 minutes ago

    WASHINGTON - Failure is not an option on health care, a leading Democratic senator said Monday, even as Republicans turned up the heat on moderates who hold the fate of the legislation in their hands.

  • FILE - In this Wednesday, Nov. 4, 2009, photo, a shopper pulls a credit card from her wallet to make a purchase at the checkout at the Best Buy in Mechanicsburg, Pa. For the first time in a decade, more people paid their credit card bills on time in the third quarter this year than in the second quarter.(AP Photo Carolyn Kaster)
    Late payments on credit cards drop in 3rd quarter 2 hours, 13 minutes ago

    NEW YORK - Consumers got more serious about paying down their credit card debt this summer, a time when deliquencies usually go up.

  • In this photo made Friday, Nov. 20, 2009, chocolate moves down the production line at the Cadbury factory in Birmingham, England. Shares in British chocolate maker Cadbury PLC hit their highest level in at least five years Monday, Nov. 23, 2009, on reports that another rival, Switzerland's Nestle SA, may make a takeover bid. (AP Photo/Simon Dawson)
    Cadbury shares rise on report of Nestle interest Mon Nov 23, 3:09 PM ET

    LONDON - Shares in British chocolate maker Cadbury PLC hit their highest level in at least five years Monday on reports that another rival, Switzerland's Nestle SA, may make a takeover bid.

  • TV retailer QVC joins `Black Friday' frenzy Mon Nov 23, 12:29 PM ET

    NEW YORK - Television retailer QVC has made aggressive plans to keep shoppers watching — instead of mall-hopping — on Black Friday, an event it has traditionally ignored.

  • GM wants gov'ts to help pay $4.9 bn restructuring Mon Nov 23, 11:36 AM ET

    BRUSSELS - General Motors Co. on Monday asked European governments to help pay most of the euro3.3 billion ($4.9 billion) it needs to restructure its struggling European operations.

  • How the poll on debt stress was conducted Mon Nov 23, 2:13 PM ET

    The Associated Press-GfK Poll on debt, stress and holiday spending was conducted by GfK Roper Public Affairs & Media from Nov. 5-9, 2009. It was based on landline and cell phone telephone interviews with a nationally representative random sample of 1,006 adults. Interviews were conducted with 806 respondents on landline telephones and 200 on cellular phones.

  • A home stands for sale in July 2009 in the Brooklyn borough of New York City. A rush to cash in on tax incentives helped to push up sales of existing US homes by 10.1 percent in October giving momentum to the ailing sector, industry data showed Monday.(AFP/Getty Images/File/Spencer Platt)
    October home sales rise 10.1 pct from September Mon Nov 23, 4:18 PM ET

    WASHINGTON - Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit.

  • IMF chief: Global economy still fragile Mon Nov 23, 8:51 AM ET

    LONDON - The international economy is still fragile and vulnerable to shocks despite recent improvements in financial markets, the managing director of the International Monetary Fund said Monday.

  • Oil prices retreated on Thursday one day after news of falling US energy inventories had sent them spiking above 80 dollars.(AFP/Getty Images/File/David McNew)
    Oil rises above $78 amid Iranian war games Mon Nov 23, 6:50 AM ET

    Oil prices rose above $78 a barrel Monday as Iran's war games, aimed at protecting its nuclear plants, deepened tensions in the oil-rich region.

  • The Mistral French amphibious assault ship/helicopter carrier/hospital ship  docks on the Neva River in downtown St. Petersburg, Russia, Monday, Nov. 23, 2009, with one of the city landmarks, St. Isaac's Cathedral, in the background. Russia is planning to buy a Mistral-class ship  worth 400-500 million euros (around $600-$750 million) from France.  Russian Navy and defense industry experts are  expected to inspect the ship during the visit. (AP Photo/Dmitry Lovetsky)
    France shows off cutting-edge navy ship in Russia Mon Nov 23, 9:50 AM ET

    ST. PETERSBURG, Russia - A cutting-edge French warship sailed into St. Petersburg Monday to show off its capabilities to potential buyers in the Russian navy, whose pursuit of an amphibious assault capacity is frightening some neighboring countries.