Thursday, January 29, 2009
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Gwinnett Daily Post
Stocks jump on reports of plan for bad bank assets
NEW YORK - The optimism is building on Wall Street.
Financial stocks led Wall Street sharply higher Wednesday on investor hopes the Obama administration will create banks to absorb the bad assets weighing down the financial system.
The Standard & Poor's 500 index, a benchmark for the overall stock market, completed its first four-day rally since late November. The Dow Jones industrial average jumped 201 points.
Oil prices rise despite huge buildup
NEW YORK - Oil prices rose Wednesday despite another government report showing that U.S. crude stockpiles are growing as consumers and business slash spending on energy.
Traders on the New York Mercantile Exchange instead looked to Washington, where the House was expected to approve an $816 billion economic stimulus plan that could help jump-start the ailing economy.
Ford hybrid owners to get tax credit
DETROIT - Consumers who order or purchase a new 2010 hybrid vehicle from Ford Motor Co. by the end of March are eligible for a tax credit, the company said Wednesday.
Purchases or orders of new Ford Fusion and Mercury Milan hybrids made by March 31 will qualify for a $3,400 credit on their 2009 tax returns.
The company unveiled its hybrid version of the Ford Fusion last November that can go up to 47 miles per hour on battery power alone. The Fusion gets 41 miles per gallon in the city and 36 mpg on the highway.