Markets end week with late gain
NEW YORK, Feb. 22 (UPI) -- U.S. markets moved sharply upward near close in New York Friday with a major index gaining more than 200 points in the last hour of trading.
The Dow Jones industrial average languished in negative territory most of Friday, then took a sharp upward turn right before the close finishing up 96.72 points, or 0.7 percent, at 12,381.02.
The Standard & Poor's 500 index gained 10.58 points, closing at 1,353.11, up 0.79 percent.
The tech-dominated Nasdaq composite gained 3.57 points to 2,303.35, up 0.16 percent.
On the New York Stock Exchange, 970 stocks advanced and 2,123 declined on volume of 3.514 billion shares traded.
The 10-year U.S. Treasury note gained 2/32, yielding 3.779 percent.
The dollar lost ground. The euro traded at $1.4821, compared with $1.4818 Thursday, while the dollar traded at 106.88 yen, from 107.31 yen Thursday.
In Tokyo, the Nikkei average lost 187.82 points Friday to finish at 13,500.46, a 1.3 percent decline.
In London, the FTSE 100 index lost 43.70 points, down 0.74 percent to 5,888.50.
Norske Skog admits debt load is too much
BAERUM, Norway, Feb. 22 (UPI) -- Norway's largest forest products company, Norske Skog, admitted Friday that it was negotiating with banks to delay payment on three-quarters of its debt.
The company's obligations include $1.5 billion owed by 2010 and 2011.
On Thursday, the company said it had its debt under control, Aftenposten reported. On Friday, Norske Skog Chief Executive Officer Christian Rynning-Tonnesen admitted the company was talking to banks about delaying payment on $1.1 billion of its debt.
Analysts said a new deal was possible but the company would have to accept higher interest on loans.
Vehicle sales prop up Canadian retail
OTTAWA, Feb. 22 (UPI) -- Robust vehicle sales, especially sales of trucks, propped up Canadian retail figures for the month of December, Statistics Canada reported Friday.
Statistics Canada said that retail sales rose by 0.6 percent in December to $35.1 billion for the month "on the strength of sales by new car dealers."
Without the sales of new and used cars figured in, retail sales fell 0.4 percent on the month, the first decrease in five months, the report says.
"Holiday sales started hot off the mark in November but lost steam rather quickly," the report says.
Sales of clothing and accessories dropped 2.7 percent for the month; miscellaneous retail dropped 1.2 percent. Home furnishings, food and beverages and building and outdoor home supplies also dropped.
In the fourth quarter of 2007, a 1.2 percent increase in retail sales was propped up by a 2.9 percent increase in automotive sales, the report says.
In December, new car sales in Canada increased 4.4 percent, while trucks jumped 7.7 percent.
Japanese growth slowing, government says
TOKYO, Feb. 22 (UPI) -- For the first time in 15 months, the Japanese government downgraded its economic assessment Friday, saying growth continued in January but at a slower pace.
Weakened exports and flat consumer spending are high on the list of concerns, Kyodo News reported.
"Downside risks are growing," Economic and Fiscal Policy Minister Hiroko Ota said. The report described the country's economy as recovering, but "at a moderate pace recently."
Ota said that a fiscal stimulation package was not needed at this time, but admitted the subprime mortgage crisis in the United States was being felt in Japan.
The report also downgraded the Tokyo government's assessment of the U.S. economy, which faces, "further downside risks," the report said.
NEW YORK, Feb. 22 (UPI) -- U.S. markets moved sharply upward near close in New York Friday with a major index gaining more than 200 points in the last hour of trading.
The Dow Jones industrial average languished in negative territory most of Friday, then took a sharp upward turn right before the close finishing up 96.72 points, or 0.7 percent, at 12,381.02.
The Standard & Poor's 500 index gained 10.58 points, closing at 1,353.11, up 0.79 percent.
The tech-dominated Nasdaq composite gained 3.57 points to 2,303.35, up 0.16 percent.
On the New York Stock Exchange, 970 stocks advanced and 2,123 declined on volume of 3.514 billion shares traded.
The 10-year U.S. Treasury note gained 2/32, yielding 3.779 percent.
The dollar lost ground. The euro traded at $1.4821, compared with $1.4818 Thursday, while the dollar traded at 106.88 yen, from 107.31 yen Thursday.
In Tokyo, the Nikkei average lost 187.82 points Friday to finish at 13,500.46, a 1.3 percent decline.
In London, the FTSE 100 index lost 43.70 points, down 0.74 percent to 5,888.50.
Norske Skog admits debt load is too much
BAERUM, Norway, Feb. 22 (UPI) -- Norway's largest forest products company, Norske Skog, admitted Friday that it was negotiating with banks to delay payment on three-quarters of its debt.
The company's obligations include $1.5 billion owed by 2010 and 2011.
On Thursday, the company said it had its debt under control, Aftenposten reported. On Friday, Norske Skog Chief Executive Officer Christian Rynning-Tonnesen admitted the company was talking to banks about delaying payment on $1.1 billion of its debt.
Analysts said a new deal was possible but the company would have to accept higher interest on loans.
Vehicle sales prop up Canadian retail
OTTAWA, Feb. 22 (UPI) -- Robust vehicle sales, especially sales of trucks, propped up Canadian retail figures for the month of December, Statistics Canada reported Friday.
Statistics Canada said that retail sales rose by 0.6 percent in December to $35.1 billion for the month "on the strength of sales by new car dealers."
Without the sales of new and used cars figured in, retail sales fell 0.4 percent on the month, the first decrease in five months, the report says.
"Holiday sales started hot off the mark in November but lost steam rather quickly," the report says.
Sales of clothing and accessories dropped 2.7 percent for the month; miscellaneous retail dropped 1.2 percent. Home furnishings, food and beverages and building and outdoor home supplies also dropped.
In the fourth quarter of 2007, a 1.2 percent increase in retail sales was propped up by a 2.9 percent increase in automotive sales, the report says.
In December, new car sales in Canada increased 4.4 percent, while trucks jumped 7.7 percent.
Japanese growth slowing, government says
TOKYO, Feb. 22 (UPI) -- For the first time in 15 months, the Japanese government downgraded its economic assessment Friday, saying growth continued in January but at a slower pace.
Weakened exports and flat consumer spending are high on the list of concerns, Kyodo News reported.
"Downside risks are growing," Economic and Fiscal Policy Minister Hiroko Ota said. The report described the country's economy as recovering, but "at a moderate pace recently."
Ota said that a fiscal stimulation package was not needed at this time, but admitted the subprime mortgage crisis in the United States was being felt in Japan.
The report also downgraded the Tokyo government's assessment of the U.S. economy, which faces, "further downside risks," the report said.
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This material may not be reproduced, redistributed, or manipulated in any form.
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