Published: Wednesday, January 26, 2005 at 6:01 a.m.
Last Modified: Tuesday, January 25, 2005 at 10:16 p.m.
Stocks rise with good earnings news
Wall Street bellwether Merrill Lynch & Co. Inc. posted a record year, while U.S. Steel Corp. swung to a profit.
The Dow rose 92.95, or 0.9 percent, to 10,461.56. The Dow had risen more than 141 points earlier in the session before losing ground, but still posted its best one-day jump since Dec. 21.
Broader stock indicators saw more modest gains. The Standard & Poor's 500 index was up 4.66, or 0.4 percent, at 1,168.41, and the Nasdaq composite index climbed 11.25, or 0.56 percent, to 2,019.95.
Prosecution says ex-WorldCom chief lied
In opening statements at Ebbers' accounting-fraud trial, prosecutor David Anders told jurors that even when subordinates made clear the books were wrong, Ebbers repeatedly said in a near-mantra: ''We have to hit the number.''
''It was a command to commit fraud,'' Anders said, placing Ebbers directly responsible for what later was revealed as an $11 billion accounting fraud at WorldCom, driving the company into the largest bankruptcy in U.S. history.
SBC moves cash into traditional pensions
SBC, based in San Antonio, is freezing contributions to its cash balance and pension equity plans for managers, which supplemented traditional pension plans in the late 1990s, company spokeswoman Anne Vincent said.
- The Associated Press
U.S. Steel lifts its dividend payments
The Pittsburgh-based steel maker Tuesday said the raised dividend is payable March 10 to holders as of Feb. 16.
On Monday, the steel company reported a fourth-quarter profit of $462 million, compared with a year-earlier loss, helped by strong demand in its tubular business. At the time, the company attributed its profitability to favorable global steel markets, acquisitions and ongoing cost reduction efforts.
- Dow Jones/AP
Krispy Kreme: Banks agree to delay default
The move gives Krispy Kreme's new chief executive, Stephen F. Cooper, time to put together a plan to turn around the company. In the past year, accounting questions have arisen that have led to a Securities and Exchange Commission investigation amid indications that many of its franchises are losing money.
- The New York Times
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