Stocks tumble after sales of existing homes fall
NEW YORK (AP) -- Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 280 points....
Bleeding cash, Ford looks to Europe for help
DEARBORN, Mich. (AP) -- Bleeding cash and with its very survival uncertain, Ford Motor Co., an icon of American automaking, will try to import some of its success from across the Atlantic....
Jobless claims jump as housing market gets weaker
WASHINGTON (AP) -- Two cornerstones of the economy - jobs and housing - sank to new depths Thursday, with unemployment claims bolting higher and home prices recording one of their steepest drops on record....
The slump persists: Home sales tumble across US
WASHINGTON (AP) -- Sales of existing homes tumbled more sharply than expected in June, pushing activity down to the lowest level in more than a decade....
GOP kills effort to release oil from US stockpile
WASHINGTON (AP) -- House Republicans on Thursday scuttled a bill that Democrats hoped would help lower gasoline prices by forcing the Energy Department to release 70 million barrels of oil - about a three-day supply - from the national stockpile....
NY AG sues banking giant UBS for securities fraud
NEW YORK (AP) -- New York Attorney General Andrew Cuomo sued banking giant UBS for fraud Thursday, accusing the company of marketing tens of billions of dollars of auction-rate securities as safe even when they knew the investments were in trouble....
AP told 3 bidders make final cut to buy Cubs
NEW YORK (AP) -- Tribune Co. is inviting at least three potential buyers who each submitted bids for the Chicago Cubs and Wrigley Field near or above $1 billion to participate in a second round of proposals, according to a person involved in the process....
Ford, Daimler, Hyundai profits fall; Renault up
DETROIT (AP) -- Ford Motor Co. posted its worst quarterly loss ever Thursday in a roiling global auto market that also saw profits fall at Daimler AG, Hyundai Motor Co. and AutoNation Inc. Renault SA reported a profit increase in the first half of the year but still plans to cut jobs and scale back production....
Bristol-Myers, Eli Lilly post strong 2Q results
TRENTON, N.J. (AP) -- Like other major drugmakers, Bristol-Myers Squibb Co. and Eli Lilly & Co. saw benefits from the weak dollar in the second quarter, as sales grew at a faster rate overseas, but both also posted improvements in their U.S. businesses....
Satellite radio companies to pay $19.7 million
WASHINGTON (AP) -- Approval of a merger of the nation's only two satellite radio companies was imminent Thursday after the pair agreed to pay $19.7 million to settle charges they violated federal rules....
