U.S. markets close higher Thursday
NEW YORK, Feb. 11 (UPI) -- U.S. markets rebounded from an early slide Thursday after European Union leaders agreed to help secure loans for Greece to pay down its national debt.
Concern over national debt devaluing the euro has risen in recent weeks.
The U.S. Department of Labor said filings for first-time unemployment benefits dropped sharply, down by 43,000 claims in the week ending Feb. 6.
By close, the Dow Jones industrial average added 1.05 percent, 105.81 points, to 10,144.19. The Standard & Poor's 500 gained 0.97 percent, 10.34, to 1,078.47. The Nasdaq composite index rose 1.38 percent, 29.54, to 2,177.41.
On the New York Stock Exchange, 2,337 stocks advanced and 692 declined on a volume of 4.4 billion shares traded.
The yield on 10-year U.S. Treasuries was at 3.72 percent.
The euro fell to $1.3684 from Wednesday's $1.373. Against the yen, the dollar fell to 89.71 yen from Wednesday's 89.96 yen.
The stock market in Japan was closed for a holiday Thursday.
In Britain, the FTSE 100 index rose 0.57 percent, 29.49 points, to 5,161.48.
Dodd, Corker to work together on reform
WASHINGTON, Feb. 11 (UPI) -- Sen. Christopher Dodd, D-Conn., said Thursday he would negotiate with Sen. Bob Corker, R-Tenn., to draft a financial reform bill in the Senate.
Dodd, chairman of the Senate Banking Committee said last week months discussions with the top Republican on the committee, Richard Shelby of Alabama, had reached a dead end. Dodd said he had instructed his staff to draft a bill without support from Republicans, The New York Times reported.
Democrats and Republicans are largely divided on the issue of creating a consumer protection agency for financial products, such as credit cards and mortgages, one of President Barack Obama's key proposals.
Corker had previously been working on a proposal to grant the government broad powers to wind down any company in jeopardy if the problem threatens the economy or the financial system.
In a meeting this week Corker agreed to negotiate on the consumer protection agency "given the importance of these issues," Dodd said.
Toyota Prius MotorWeek's top car
CHICAGO, Feb. 11 (UPI) -- The Toyota Prius took top honors as MotorWeek's Best of the Year and Best Eco-Friendly vehicle in the U.S. automotive TV series' 2010 Driver's Choice Awards.
"The Prius winning the prestigious MotorWeek Driver's Choice Best of the Year and Best Eco-Friendly awards is truly an honor that reflects how far hybrid technology in the U.S. has come in one short decade," Bob Carter, Toyota's top executive and general manager in the United States, said.
Carter said Wednesday Toyota was making progress in fixing braking and sticky gas pedal and floor mat problems with eight popular models that were recalled.
The awards, announced at the Chicago Auto Show media preview, were based on driving ratings in December before the Japanese automaker recalled 437,000 third-generation Prius and Lexus hybrids to update software to fix a braking problem.
"It's obviously not the best timing you can imagine," John Davis, MotorWeek's longtime host, told The Washington Post. "We're still very high on the car. We think it's a superb automobile."
The 2010 Ford Taurus, assembled in Chicago, was named Best Family Sedan. Three General Motors vehicles earned awards with the Chevrolet Equinox named Best Small Utility. The Buick LaCrosse was Best Luxury Sedan and the sporty Chevy Camaro was Best Sport Coupe.
The Mazda3 took the Best Small Car award and Nissan's 370Z was Best Convertible. BMW's 3-series was Best Sports Sedan and the Audi S4 earned Best Convertible kudos.
The Honda Pilot was MotorWeek's Best Large Utility and the Dodge Ram 1500/2500/3500 Best Pickup Truck.
There was a tie for Best Dream Machine between the Audi R8 5.2 FSI and the Mercedes-Benz SLS AMG.
Foreclosure relief finds a new twist
NEW YORK, Feb. 11 (UPI) -- Citigroup says it will offer struggling U.S. homeowners a "graceful" exit from mortgages if they agree to maintain the home in good condition.
The deal would allow the bank to avoid the cost of foreclosure and evicting homeowners -- and some maintenance costs. In exchange, Citigroup would allow delinquent homeowners who did not qualify or who turned down relief to live in their homes for six months for free, The Washington Post reported Thursday.
"This is a graceful way to move on with their lives instead of being foreclosed on and being evicted from their homes," said Sanjiv Das, chief executive of CitiMortgage.
The program is in part an acknowledgment that programs to forestall or prevent the flood of foreclosures have consistently failed to live up to expectations.
Banks balked at rewriting loans to reduce profits and home owners were often reluctant to participate if it meant preventing foreclosure on a home that was not worth what was owed on the loan.
