new yorkDennis Seid 3/12/09
Wall Street extends
rally for third day
n NEW YORK – This week’s rally got an extra dose of adrenalin after an accounting board told Congress Thursday it may recommend a let-up in accounting rules for troubled banks in three weeks.
Hope that financial institutions might finally get relief in how they value their bad assets also spurred a flurry of buying on Wall Street, which accelerated when Bank of America Corp.’s CEO told reporters his bank was profitable in January and February.
The Dow rose 239.66, or 3.5 percent, to 7,170.06. The Standard amp& Poor’s 500 index climbed 29.38, or 4.1 percent, to 750.74. The Nasdaq composite index gained 54.46, or 4 percent, to 1,426.10.
seminars set March 17, 24
n TUPELO – Two restaurant business training seminars are scheduled for March 17 and March 24 at the Renasant Center for IDEAs.
The session on Tuesday is about restaurant financing, presented by Grady Griffin of the Mississippi Hospitality amp& Restaurant Association.
The March 24 topic is marketing and customer service, presented by John Brandon of the Mississippi Development Authority.
Both seminars are from 6-8 p.m. To register, call 1 -800-725-7232.
GM says it won’t need
$2 billion loan in March
n DETROIT — General Motors Corp. has informed President Barack Obama’s auto task force that it will not need a $2 billion loan in March from the U.S. government, as it previously said it would, the company said early Thursday.
GM Chief Financial Officer Ray Young, in a statement, said the company won’t need the money so soon because cost cuts at the company, as well as other measures, are resulting in savings.
The automaker is operating with a $13.4 billion loan from the U.S. government and said Feb. 17 that it could need as much as $16.6 billion more to keep operating.
Young wouldn’t say when the GM might need more help, nor would he say whether it planned to reduce its request for a total of $30 billion in government financing.