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Friday, March 1, 2013

Business Today: Wall Street advances as data outweighs budget cuts

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03/1/2013
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Wall Street advances as data outweighs budget cuts
NEW YORK (Reuters) - Stocks advanced modestly on Friday, leaving the S&P 500 with slight gains in a volatile week as strong economic data overshadowed growth concerns in China and Europe and let investors discount the impact of expected government spending cuts.
New budget crisis begins after Washington fiscal talks fail
WASHINGTON (Reuters) - The U.S. government stumbled headlong on Friday toward wide-ranging spending cuts that threaten to hinder the economic recovery, after President Barack Obama and congressional leaders failed to find an alternative budget plan.
Judge throws out part of Apple patent award against Samsung
(Reuters) - Apple Inc lost a major ruling in its ongoing patent battle with Samsung Electronics on Friday, as a federal judge threw out part of a jury's $1.05 billion damages award against Samsung over a variety of phone products.
Penney's Johnson says knew Martha Stewart deal was controversial
NEW YORK (Reuters) - J.C. Penney Co Inc chief Ron Johnson knew before doing a deal with Martha Stewart that it would create a conflict with rival Macy's Inc , which already had a relationship with her.
Taxes squeeze U.S. households, factories to add to growth
WASHINGTON (Reuters) - Consumer spending was tepid in January as higher taxes squeezed incomes, but vigor in the manufacturing sector last month suggested economic growth picked up early this quarter.
Ernst & Young to pay $123 million to resolve U.S. tax shelter probe
NEW YORK (Reuters) - Ernst & Young agreed on Friday to pay $123 million to resolve a federal investigation into its role developing and marketing tax shelters that helped its clients avoid more than $2 billion in tax liabilities, the U.S. government said.
Best Buy takeover play ends; turnaround in focus
NEW YORK (Reuters) - Prospects of Best Buy Co going private ended on Friday when the retailer's founder failed to strike a buyout deal with management, leaving the fate of the world's largest consumer electronics chain in the hands of CEO Hubert Joly and his turnaround plan.
BlackRock changes managers on energy, growth equity funds
(Reuters) - BlackRock Inc , the world's largest money manager, switched oversight on two of its energy-oriented stock funds, which have been struggling since one co-manager, Daniel Rice, left amid controversy last year.
February auto sales up as consumers show "nerves of steel"
DETROIT (Reuters) - Auto sales rose nearly 4 percent in February, delivering a better-than-expected performance as strength in the housing market tempered worries over the wave of federal spending cuts due to begin on Friday.
In AIG suit, NY Fed reveals details of crisis-era BofA settlement
NEW YORK (Reuters) - The Federal Reserve Bank of New York this week made public its crisis-era settlement with Bank of America in order to bolster its case against American International Group Inc over mortgage-securities claims.
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