U.S. markets flounder Thursday
NEW YORK, Jan. 20 (UPI) -- U.S. markets were flat on Wall Street Thursday, despite positive labor and housing news.
The Labor Department said first-time unemployment benefit claims dropped by 37,000 in the week ending Jan. 15. The National Association of Realtors said existing home sales jumped in December, rising 12.3 percent compared with November to an annual rate of 5.28 million units, which includes single-family homes, townhouses, co-ops and condominiums.
By close of trading the Dow Jones industrial average shed 19.98 points, or 0.17 percent, to 11,805.31. The Standard & Poor's 500 index lost 1.66, or 0.13 percent, to 1,280.26. The Nasdaq composite index of tech-dominated stocks lost 21.07, or 0.77 percent, to 2,704.29.
On the New York Stock Exchange, 1,124 stocks advanced and 1,845 declined on a volume of 4.7 billion shares traded.
The benchmark 10-year treasury note lost 30/32 to yield 3.455 percent.
The euro fell to $1.3472 from Wednesday's $1.3475. Against the yen, the dollar rose to 82.94 yen from Wednesday's 82.05 yen.
In Tokyo, the Nikkei 225 index lost 1.13 percent, 119.79, to 10,437.31.
In London, the FTSE 100 index lost 1.82 percent, 108.79, to 5,867.91.
Page to lead Google; roles clarified
MOUNTAIN VIEW, Calif., Jan. 20 (UPI) -- Larry Page, who co-founded Google with Sergey Brin, will be the U.S. search-engine giant's chief executive officer in April, the company announced Thursday.
"In this new role I know he will merge Google's technology and business vision brilliantly," Eric Schmidt, the company's current CEO, said in a blog posted on Google's Web site. "I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead."
Schmidt said managing the business became more complicated as the Mountain View, Calif., company has grown, so he, Page and Brin had been discussing how to simplify the company's management structure and speed up the decision-making process.
"For the last 10 years, we have all been equally involved in making decisions," Schmidt said. "This triumvirate approach has real benefits in terms of shared wisdom, and we will continue to discuss the big decisions among the three of us. But we have also agreed to clarify our individual roles so there's clear responsibility and accountability at the top of the company."
Schmidt said Page also will take the lead product development and technology strategy, while Brin will focus on strategic projects and have the title co-founder.
As executive chairman, Schmidt said he would concentrate on external "deals, partnerships, customers and broader business relationships, government outreach and technology thought-leadership that are increasingly important, given Google's global reach," and act as an adviser to Page and Brin.
"We are confident that this focus will serve Google and our users well in the future," Schmidt said. "Larry, Sergey and I have worked exceptionally closely together for over a decade -- and we anticipate working together for a long time to come."
HP to investigate Hurd resignation
SAN JOSE, Calif., Jan. 20 (UPI) -- Hewlett-Packard Co. plans to probe circumstances of the resignation of former chief Mark Hurd and his golden parachute, a U.S. District Court filing indicated.
The proposed investigation is in response to a shareholder demand and was revealed Jan. 14 in a filing at U.S. District Court in San Jose, Calif., for a lawsuit brought by another shareholder, The Wall Street Journal reported Thursday. The filing, a joint action by the plaintiff, Hewlett-Packard and its board, said the investigation will be conducted by outside lawyers and Hewlett-Packard board members who came on board after Hurd resigned as chief executive officer in August.
Hurd resigned following an investigation into a claim that he sexually harassed a former contractor. The company said the investigation found that Hurd didn't violate the company's sexual harassment policy, but uncovered other business-conduct violations. When he resigned, Hurd was given a compensation package valued at more than $35 million.
A hearing on the proposal is scheduled for next week. If it is approved, it will become at least the third such investigation, joining the Hewlett-Packard's original inquiry and a Securities and Exchange Commission investigation into the circumstances surrounding Hurd's departure.
HP announced Thursday its board of directors has appointed five new members, effective Friday, bringing the number of board members to 13. The company said four directors were leaving.
Among the new board members is Meg Whitman, the former president and chief executive officer of eBay and the Republican candidate in the 2010 California governor's race.
Poll: Most say $4-a-gallon gas likely
WASHINGTON, Jan. 20 (UPI) -- Nearly nine out of 10 U.S. residents say they're paying more for gasoline now than last summer and a majority expect higher prices, Rasmussen Reports said.
Most respondents asked told the survey, released Thursday, said they think paying $4 for a gallon gas is likely by July 1.
The Rasmussen Reports survey indicated 87 percent of adults said they are paying more for gas than they were six months ago. Only 1 percent said they are paying less for gas now, while nine percent said they were spending about the same, results indicated.
Seventy percent said it was likely gas prices would top above $4 by July 1, while 24 percent said they didn't think it was very likely.
Thirty-six percent of adults said they are driving less now than a year ago because of higher gas prices. Nine percent told Rasmussen they were driving more and 53 percent said they are driving about the same amount.
Results are based on nationwide telephone surveys of 1,000 adults conducted Sunday and Monday. The margin of error is 3 percentage points.
