Business Today: Wall Street advances as data outweighs budget cuts

	Click to View in Browser 03/1/2013 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. Related Video Daily Digit: Best Buy up 41% ytd Techquity: New low for Apple, Google praise, Facebook plan Economic News New budget crisis begins after Washington fiscal talks fail U.S. cuts become real with furlough notices sent to thousands A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend