AP Business NewsBrief at 10:52 p.m. EST

Tax credit gives home sales best boost in decadenews://newsclip.ap.org/[e-mail]

WASHINGTON (AP) — 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. While rising foreclosures and disappearing jobs still threaten the comeback, there are now bidding wars for houses in some cities, and home sales are nearly 36 percent above their low point in January.

Govt issues record 2.1M recall for dropside cribsnews://newsclip.ap.org/[e-mail]

WASHINGTON (AP) — More than 2.1 million drop-side cribs by Stork Craft Manufacturing are being recalled, the biggest crib recall in U.S history, following reports of four infant suffocations. The Consumer Product Safety Commission said late Monday the recall involves 1.2 million cribs in the United States and almost 1 million in Canada, where Stork Craft is based. Sales of the cribs being recalled go back to 1993.

HP profit jumps on cost-cutting, services strengthnews://newsclip.ap.org/[e-mail]

SAN FRANCISCO (AP) — 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. As a yardstick for the health of overall technology spending, HP's latest numbers reinforce trends other companies have reported: Consumers and China are showing stronger demand, while businesses remain hesitant. Other tech heavyweights such as Google Inc., IBM, Intel Corp. and Microsoft Corp. have reported better conditions in some of their businesses.

Weak dollar, home sales data carry stocks highernews://newsclip.ap.org/[e-mail]

NEW YORK (AP) — 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. Major stock indexes soared more than 1 percent, including the Dow Jones industrials, which rose 133 points to a 13-month high. Volume was light as Thanksgiving approached, and that likely padded some of the market's advance.

AP-GfK Poll: Debt turning shoppers into Scroogesnews://newsclip.ap.org/[e-mail]

WASHINGTON (AP) — 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. In fact, fully 93 percent say they'll spend less or about the same as last year, according to an Associated Press-GfK poll. Half of all those polled say they're suffering at least some debt-related stress, and 22 percent say they're feeling it greatly or quite a bit. That second figure is up from 17 percent just last spring, despite all the talk about economic recovery.

Obama: US economy has 'core strengths'news://newsclip.ap.org/[e-mail]

WASHINGTON (AP) — 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. But he also noted again how 2009 has been a sobering year for millions of newly unemployed people.

Tyson Foods posts 4Q loss on beef chargenews://newsclip.ap.org/[e-mail]

MILWAUKEE (AP) — 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. The world's largest meat producer, based in Springdale, Ark., said on Monday a hefty impairment charge in its beef business left it with a loss for the fourth quarter. But all of its business units, including chicken and pork, were profitable, when excluding the $560 million noncash charge.

Economic survey: Job losses to bottom out in 1Qnews://newsclip.ap.org/[e-mail]

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. While signs have pointed to the end of the recession, joblessness remains rampant. The national unemployment rate jumped to 10.2 percent in October, the highest in 26 years. About 9 million people currently receive unemployment benefits.

Feds find association between drywall, corrosionnews://newsclip.ap.org/[e-mail]

WEST PALM BEACH, Fla. (AP) — 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 its second report on the potentially defective building materials, the U.S. Consumer Product Safety Commission said its investigation also has found a "possible" link between health problems reported by homeowners and higher-than-normal levels of hydrogen sulfide gas emitted from the wallboard coupled with formaldehyde, which is commonly found in new houses.

Gas prices fall to begin busy travel weeknews://newsclip.ap.org/[e-mail]

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. Americans are remaining closer to home because of anxiety about the economy and demand for gasoline is weaker now than it was last year at this time.

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