WASHINGTON— Fueled by healthier consumer spending, the U.S. economy grew in the second half of last year at the strongest pace in a decade and more than previously estimated, new government data show. The revised data also suggest a possible factor behind the pickup: Americans saved much more in 2012 than previously thought, leaving more to spend in 2013..» Read More
CHECKING IN: Marriott turned a better-than-expected profit despite a slow global economy in the third quarter on higher prices and strong occupancy rates across its brands. Marriott said higher occupancy rates led to less last-minute discounts, which help boost rates.
PHOENIX-- The city of Phoenix and a developer who was poised to demolish a Frank Lloyd Wright- designed home have reached an agreement that will put any work on hold while a search continues for a buyer, a city official confirmed Wednesday.
NEW YORK-- The Clinton Group Inc., which is in a proxy fight with Wet Seal Inc., said Wednesday that the retailer has reneged on an offer to give up majority control of its board. However the Clinton Group said that Wet Seal's banker contacted the firm on Tuesday and said "It appears you have won".
Motorists in California paid an average of $4.232 per gallon Wednesday. That's 45 cents higher than the national average and exceeded only by Hawaii among the 50 states. Prices in New York, Connecticut and New Hampshire are at or near highs for the year.
SUMMIT, N.J.-- Celgene Corp. said Wednesday that a Food and Drug Administration panel will not review its multiple myeloma drug pomalidomide in November. Celgene said in September that the FDA's cancer drug advisory committee would discuss the drug at a meeting on Nov. 8. Shares of Celgene rose 57 cents to close at $78.99.
NEW YORK-- Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:. A Citi analyst maintained his "Buy" rating on the homebuilder's stock and raised his price target to $25 from $19 on margins.
WICHITA, Kan.-- Kansas will see employment growth of 1.8 percent next year, regardless of who wins the White House, as business picks up after the uncertainty of the November elections, economic researchers at Wichita State University said Wednesday.
NEW YORK-- Oil prices fell the most in five months on Wednesday as China's slowing economy raised questions about the strength of global oil demand. On the New York Mercantile Exchange:. Benchmark crude fell $3.75, or 4.1 percent, to finish at $88.14 per barrel.
NEW YORK-- Marriott International Inc. said Wednesday that it turned a bigger-than-expected profit in the third quarter on higher prices and strong occupancy rates. The results topped Wall Street's and Marriott's own expectations. Marriott is the first major hotel company to report earnings for the peak summer travel season.
HOUSTON-- Crown Castle International Corp. said Wednesday that it is launching an offering of $1.65 billion of senior notes, which are due in 2023..
NEW YORK-- Shares of Embraer SA lost 4 percent Wednesday after an analyst downgraded the Brazilian plane maker's stock citing weak demand for regional and business jets.
NEW YORK-- Feuding divas on "American Idol"? Ryan Seacrest says that's just great. The show's host said Wednesday that things got intense between new judges Nicki Minaj and Mariah Carey during a tryout taping the previous day in Charlotte, N.C..
WINDSOR LOCKS, Conn.-- A Southwest Airlines flight from Tampa, Fla., that suffered a bird strike on its final approach has landed safely in Connecticut.
But the chief executives of Las Vegas- based MGM Resorts International and Las Vegas Sands Corp. differed during a keynote panel discussion with four other industry leaders at the Global Gaming Expo about whether states or the federal government are best able to provide oversight.
H-P'S FORECAST: Hewlett-Packard's stock plunged 13 percent after CEO Meg Whitman said the computer maker will continue to struggle with weak sales for the next two years. Profits will likely fall by more than 10 percent next year, she said. OIL: Concerns over an economic slowdown in Europe, China and the U.S. helped push the price of oil down $3.75 to $88.14 a barrel.
Crude fell $3.75 to $88.14 per barrel, the biggest decline since May 4. TARNISHED COPPER: Copper futures also took a hit from the China news. China imports huge amounts of copper to feed its construction and manufacturing industries.
The market's gains were held in check by a slump in energy stocks and Hewlett-Packard `s 13 percent plunge. The S&P 500 index rose 5.24, or 0.4 percent, to 1,450.99. The S&P 500 is up 10.32, or 0.7 percent.
EAST HAMPTON, Conn.-- The 180- year-old New England company that made the little bell that rings every time an angel gets its wings in the Christmas classic "It's a Wonderful Life" has resumed production in time for the holidays, four months after its 19th- century factory burned down.
Friends Fiduciary Corp., a Philadelphia nonprofit, sold its shares in Caterpillar Inc., Hewlett-Packard Co. and Veolia Environment after a review was requested by the Ann Arbor Friends Meeting.