By Dennis Seid
New yorkDennis Seid 6/11/10
Stocks, indexes end higher for first week in a month
n NEW YORK – The Dow Jones industrial average has logged its first winning week in a month. And the other indexes ended on a high note, too.
The market slid in morning trading on disappointing retail sales numbers but started to pare its losses after a report found consumers are gaining confidence in the economy. The market climbed in the last hour of trading to end near the highs of the day.
The preliminary Reuters/University of Michigan consumer sentiment index for June showed consumer confidence rose to its highest level since January 2008 and came in well ahead of forecasts.
The Dow rose 38.54, or 0.4 percent, to 10,211.07. The Dow’s climb of 279 points, or 2.8 percent, during the week was its best since the week ended Feb. 19.
The Standard amp& Poor’s 500 index rose 4.76, or 0.4 percent, to 1,091.60, while the tech-heavy Nasdaq composite index rose 24.89, or 1.1 percent, to 2,243.60.
Crude oil fell $1.70 to $73.78 per barrel on the New York Mercantile Exchange.
Small-business aid needed, Obama says
n WASHINGTON – President Barack Obama urged passage of his proposals to stimulate hiring by small businesses through tax credits and lending incentives, arguing that similar measures are partly responsible for the economic recovery over the last few months.
Small businesses have historically been responsible for two out of every three new jobs created in the U.S., Obama said Friday, and they must be a crucial part of economic recovery.
In the president’s estimation, the solution depends largely on his proposals to eliminate capital gains taxes for investments in small firms and provide tax relief to small start-up companies.
To stimulate the flow of credit, the president also wants the federal government to help underwrite loans through community banks and help fund state-based programs to promote lending to small firms and manufacturers.
Obama is also urging Congress to expand and extend some Small Business Administration programs that increase loan limits.
Google tells Wi-Fi data gathering was legal
n SAN FRANCISCO – U.S. lawmakers on Friday published a letter from Google Inc. responding to concerns about the company’s gathering of personal data through wireless networks, which argues that the process did not break any laws.
Rep. Joe Barton, R-Texas, simultaneously called for a congressional hearing on the matter.
House members had written to Google Chief Executive Eric Schmidt last month, following the company’s revelation that its Street View cars out in the field had inadvertently gathered data about which Web sites users were visiting through unsecured wireless networks.
The process of gathering data from unsecured wireless networks to improve mapping services “does not violate U.S. law,” Google said in its letter.
The company added, “We emphasize that being lawful and being the right thing to do are two different things,” and said it has ceased all wireless network data gathering using its Street View cars.