new yorkDennis Seid 4/28/09
Markets pare losses
after release of report
n NEW YORK – Investors set aside some of their worries about the economy Tuesday after a closely watched measure of consumer confidence soared in April.
The Dow Jones industrial average slipped 8.05, or 0.1 percent, to 8,016.95 after being down as much as 86.
The Standard amp& Poor’s 500 index fell 2.35, or 0.3 percent, to 866.16, and the Nasdaq composite index fell 5.60, or 0.3 percent, to 1,673.81.
The Russell 2000 rose 3.28, or 0.7 percent, to 472.81.
Drop in home prices
may be stabilizing
n NEW YORK — In another sign the housing crisis could be reaching the bottom, home prices dropped sharply in February but for the first time in 25 months the decline was not a record.
The Standard amp& Poor’s/Case-Shiller index released Tuesday showed home prices in 20 major cities tumbled by 18.6 percent from February 2008. That was slightly better than January’s 19 percent and the first time since January 2007 the index didn’t set a record.
Chrysler lenders reach
deal with government
n With just two days left before a government-imposed restructuring deadline, Chrysler LLC took a step away from the brink of bankruptcy Tuesday when its biggest lenders reached a deal with the Treasury Department to slash the teetering automaker’s debt.
Yet Chrysler’s fate remains far from assured. If the company’s smaller creditors don’t get on board, a bankruptcy filing remains a possibility.
But now that Chrysler has a tentative agreement with the United Auto Workers and is closing in on a pact with Italian automaker Fiat Group SpA, Chrysler has cleared nearly all the hurdles ahead of its Thursday deadline. That brings the automaker closer to securing another $6 billion in government aid, keeping it alive and preserving its remaining 54,000 jobs.