Business News

S&P set for biggest weekly gain since 2013's first week

By Angela Moon NEW YORK | Fri Mar 8, 2013 1:55pm EST NEW YORK (Reuters) - Wall Street advanced modestly on Friday on a much stronger-than-expected payrolls report, sending the Dow to yet another record intraday high and putting the S&P 500 on track for its biggest weekly gain since the first week of the year. The S&P 500 has risen to a level about 2 percent ...

08 Mar 7:48 PM 0 Read More...

Sturdy job gains offer bright sign for economy

By Lucia Mutikani WASHINGTON | Fri Mar 8, 2013 1:51pm EST WASHINGTON (Reuters) - U.S. employers added a greater-than-expected 236,000 workers to their payrolls in February and the jobless rate fell to a four-year low, offering a bright signal on the economy's health. The data from the Labor Department on Friday showed the economy gaining traction. The jobless rate f...

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KKR to buy machinery maker Gardner Denver for $3.74 billion

By A. Ananthalakshmi Fri Mar 8, 2013 2:19pm EST (Reuters) - Industrial machinery maker Gardner Denver Inc (GDI.N) agreed to sell itself to private equity firm KKR & Co LP (KKR.N) for $3.74 billion after the buyout firm raised its offer. The deal follows several months of a hot and cold auction process that initially drew interest from diversified manufacturer SPX Corp (S...

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Wholesale inventories rise at fastest pace in over year

WASHINGTON | Fri Mar 8, 2013 10:04am EST WASHINGTON (Reuters) - Wholesale inventories rose at their fastest pace in more than a year in January as construction companies and computer merchants built up their stocks, though sales fell for the first time in three months. The Commerce Department said on Friday wholesale inventories increased 1.2 percent to $504.4 billion after...

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Wal-Mart corporate affairs leader Dach to leave in June

By Jessica Wohl Fri Mar 8, 2013 1:46pm EST (Reuters) - Wal-Mart Stores Inc (WMT.N) said on Friday that Leslie Dach plans to leave his post as executive vice president of corporate affairs in June, after seven years of working to improve the corporate image of the world's largest retailer. During his tenure, Wal-Mart has established several programs focused on its environment...

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Wall Street to climb at open on strong payrolls report

By Chuck Mikolajczak NEW YORK | Fri Mar 8, 2013 9:15am EST NEW YORK (Reuters) - Stocks were poised for a higher open on Friday, with the S&P 500 on track to rise for a sixth straight session and the Dow set to scale fresh peaks after a much stronger than expected payrolls report. Data showed hiring increased in February, with payrolls jumping by 236,000, easily ...

08 Mar 2:45 PM 0 Read More...

Sturdy February job gains bolster economy

By Lucia Mutikani WASHINGTON | Fri Mar 8, 2013 9:06am EST WASHINGTON (Reuters) - Employers stepped up hiring in February, pushing the unemployment rate to a four year-low, suggesting the economy is gaining traction despite the blow from higher taxes and deep government spending cuts. Nonfarm payrolls surged 236,000 jobs last month, the Labor Department said on Frida...

08 Mar 2:45 PM 0 Read More...

KKR to acquire Gardner Denver for $3.74 billion

Fri Mar 8, 2013 9:00am EST (Reuters) - Private equity firm KKR & Co LP (KKR.N) will buy industrial machinery maker Gardner Denver Inc (GDI.N) for $3.74 billion, four months after the company put itself up for sale. KKR's offer of $76 per share is at a premium of 3 percent to Gardner Denver's Thursday closing price on the New York Stock Exchange. It is 39 percent above what the s...

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McDonald's Feb sales fall 1.5 percent, less than feared

Fri Mar 8, 2013 9:06am EST (Reuters) - McDonald's Corp (MCD.N) said on Friday that February sales at its established restaurants around the world fell 1.5 percent as customers grappled with economic uncertainty. The decline in global sales at restaurants open at least 13 months was less steep than the 1.63 percent drop expected by analysts polled by Consensus Metrix.Shares of McDona...

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Analysis: Profit squeeze hammering emerging equities

By Sujata Rao LONDON | Fri Mar 8, 2013 7:11am EST LONDON (Reuters) - Record high stocks? Currency surges? In the United States maybe, but across emerging markets, slowing economies and collapsing exports are hammering company profits far harder than in the seemingly hobbled West. While world stocks have risen more than 5 percent already this year, led by Wall Street...

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