Stocks edge lower at the open

NEW YORK (CNNMoney) The Dow Jones industrial average fell 0.1% and the S&P 500 lost 0.2%. The Nasdaq was little changed. The government reported a jump in initial jobless claims following two weeks of declines. Claims rose 38,000 to 368,000...

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U.K. banks' next $1 billion payout

U.K. officials are examining the sale of complex hedging products to small business by HSBC, Barclays and two other major banks. LONDON (CNNMoney) Following an investigation, HSBC (HBC), Barclays (BCS), Royal Bank of Scotland and Lloyds have agreed...

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Income surged in December, amid fiscal cliff fears

NEW YORK (CNNMoney) Personal income rose 2.6%, the biggest one-month gain since December 2004, the Commerce Department said Thursday. Americans decided to sock away that extra income more than spend it. While consumer spending ticked up only 0.2%,...

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Stocks open little changed after GDP

NEW YORK (CNNMoney) Gross domestic product declined 0.1% last quarter, marking the first year-over-year contraction since the second quarter of 2009. The drop, largely due to a 22% decline in defense spending, was a big surprise, as analysts were...

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ADP: Private sector adds 192,000 jobs

The private sector added 192,000 jobs in January, according to payroll processing firm ADP. NEW YORK (CNNMoney) Analysts were expecting the private sector to add 175,000 jobs in the month, according to Briefing.com. Small businesses led the...

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Good housing numbers don't help stocks

NEW YORK (CNNMoney) Despite a report that home prices posted their biggest jump in 6 years, the Dow Jones Industrial Average was stuck in neutral, while the S&P 500 and the Nasdaq dropped between 0.1% and 0.2%. After their recent four-week...

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Apple releases new iPad with 128 GB of storage

A new 128 GB iPad will hit store shelves on Feb. 5. NEW YORK (CNNMoney) Everything else about Apple's tablet is the same, including the dual-core A6X processor, 2 gigabtyes of RAM, and 10 hours of battery life. To account for the added storage...

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Home prices post biggest jump in 6 years

NEW YORK (CNNMoney) The latest reading of the closely watched S&P Case-Shiller index is another sign of the growing recovery in the long-battered housing market. The last time prices jumped this much was in August 2006, when the housing bubble...

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Toyota reclaims global auto sales crown

Final sales numbers confirm that Toyota's 2012 car sales topped those of General Motors and Volkswagen. NEW YORK (CNNMoney) Earlier this month, General Motors (GM, Fortune 500) announced global sales of 9.29 million vehicles for the year. In late...

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Stocks: Caterpillar, durable goods give early lift

Click the chart for more premarket data. NEW YORK (CNNMoney) The Census Bureau said durable goods orders rose 4.6% in December. Analysts were looking orders to rise just 1.6% last month, following a 0.7% uptick in November. Caterpillar's fourth-quarter...

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Stocks edge higher at the open

NEW YORK (CNNMoney) The Dow Jones industrial average and the Nasdaq gained 0.2%. The S&P 500 was little changed. In the bond market, the yield on the 10-year Treasury note rose above 2% for the first time since April 2012. The rise in yield,...

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Boeing keeps building Dreamliners it can't fly

Boeing hasn't slowed production of its 787 Dreamliner despite the federal probe that has grounded the jet. NEW YORK (CNNMoney) A federal probe into electrical fires has grounded all 50 Boeing 787 Dreamliners around the world. But Boeing has little...

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RIM to advertise BlackBerry 10 during Super Bowl

NEW YORK (CNNMoney) It's RIM's (RIMM) first-ever Super Bowl commercial, and while the company didn't say how much it spent, Super Bowl broadcaster CBS (CBS, Fortune 500) previously told CNNMoney that 30-second spots are going for a record high of...

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China's growth to hit 8% in 2013

Davos, Switzerland (CNNMoney) "I think China's growth rate will be about 8% this year," Yi Gang said during a debate at the World Economic Forum in Davos, Switzerland. He said consumer price inflation could reach 3% or slightly higher. The world's...

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Chicago mayor asks banks to cut off gun makers

Chicago Mayor Rahm Emanuel wants banks to stop lending to gun makers. WASHINGTON (CNNMoney) Emanuel, mayor of the nation's third-largest city and former chief of staff to President Obama, wrote the CEOs of Bank of America (BAC, Fortune 500) and...

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Boeing keeps building Dreamliners it can't fly

Boeing hasn't slowed production of its 787 Dreamliner despite the federal probe that has grounded the jet. NEW YORK (CNNMoney) A federal probe into electrical fires has grounded all 50 Boeing 787 Dreamliners around the world. But Boeing has little...

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RIM to advertise BlackBerry 10 during Super Bowl

NEW YORK (CNNMoney) It's RIM's (RIMM) first-ever Super Bowl commercial, and while the company didn't say how much it spent, Super Bowl broadcaster CBS (CBS, Fortune 500) previously told CNNMoney that 30-second spots are going for a record high of...

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Lew: What the would-be Treasury chief is worth

Treasury Secretary nominee Jack Lew is worth between $748,000 and $1.7 million, putting him among the least wealthy Treasury Secretaries in recent history. WASHINGTON (CNNMoney) That's partly due to the fact that, as an investor, he's quite conservative....

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Stocks advance on strong earnings

NEW YORK (CNNMoney) The Dow Jones industrial average, the S&P 500 and the Nasdaq added between 0.2% and 0.5%. Procter & Gamble (PG, Fortune 500) shares rose 3.6%, leading the gains on the Dow. The company, which makes a variety of household...

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Europe eyes growth windfall from US trade pact

Davos, Switzerland (CNNMoney) With their economies stagnating, and austerity measures depressing activity in the region, German Chancellor Angela Merkel and British Prime Minister David Cameron both used keynote speeches at the annual meeting of the...

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Obama to tap Mary Jo White as SEC chairman

WASHINGTON (CNNMoney) The nomination will be announced later Thursday, an administration official told CNN. In addition, Obama will nominate Richard Cordray to a full term as director of the Consumer Financial Protection Bureau. Cordray has already...

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Jobless claims fall to another 5-year low

Initial claims for unemployment benefits fell for a second week in a row, and are hovering at their lowest level since January 2008. NEW YORK (CNNMoney) First-time claims for unemployment benefits fell by 5,000 last week to 330,000, down from 335,000...

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Stocks: Tech shares dragged down by Apple

NEW YORK (CNNMoney) Apple (AAPL, Fortune 500) shares fell nearly 11% after the company said sales in the current quarter would come in below analysts' expectations, even though earnings in the most recent quarter rose to a record $13.1 billion. ...

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Couple needs to take more risk with $455,000 savings

Paul and Linda Schilling, ages 60 and 59, Coral Springs, Fla. NEW YORK (Money Magazine) In 16 years of managing a successful UPS store six days a week, the couple have rarely been able to take more than a day off work at a time or see their favorite...

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U.S. delaying debt reckoning - UBS chief

UBS chief Axel Weber says the U.S. economy faces trouble down the road DAVOS, SWITZERLAND (CNNMoney) Weber, former president of Germany's Bundesbank, said quantitative easing to pump cash into developed economies had been the right policy from...

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Tech earnings lift stocks

Click chart for more markets data. NEW YORK (CNNMoney) The Dow Jones Industrial Average, the S&P 500, and the Nasdaq edged up between 0.1% and 0.5%, the day after both the Dow and S&P hit new 5-year highs. Investors were encouraged...

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11 EU states to introduce tax on stock trades

DAVOS, SWITZERLAND (CNNMoney) The countries planning to introduce the tax include the eurozone's top four economies, Germany, France, Italy and Spain. Austria, Estonia, Belgium, Greece, Portugal, Slovakia and Slovenia are also on board. The group...

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Only half of Verizon iPhone sales were iPhone 5

There were long lines at Verizon stores when the iPhone 5 launched, but only half of all Verizon iPhone sales in the fourth quarter were of the new device. NEW YORK (CNNMoney) Supply constraints plagued the iPhone 5 during the quarter, particularly...

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Wall Street's $11 billion windfall from fiscal cliff deal

Wall Street scored the extension of a lucrative tax break in the fiscal cliff deal. WASHINGTON (CNNMoney) Among the myriad of sweeteners in the deal was a break that helps Wall Street banks and giant companies such as General Electric lower their...

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Carriers brace for a nasty quarter

NEW YORK (CNNMoney) It sounds backwards, but the more smartphones carriers sell, the worse their profit margins get. The new phone you buy for $199 costs your carrier two or three times as much when they buy it from the manufacturer. They pay the...

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PayPal: 'Aggressive changes' coming to frozen funds policy

NEW YORK (CNNMoney) The eBay (EBAY, Fortune 500)-owned payments processor, like other financial companies, has policies in place to ensure that fraudsters aren't using its system to transfer ill-gotten gains. But PayPal also traps legitimate businesses...

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