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Wednesday, February 2, 2011 12:01 AM PST

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Today's Business News: Dow and S&P end at highest since June 2008 Panasonic profit falls on tough rivalry, yen Head of Gap brand out, outlet exec in line: source U.S. probes BP for gas market manipulation Roche sees U.S., European reforms weighing in 2011 European stocks climb as metals hammer record highs Metals rise on brighter economic outlook Panasonic quarterly profit jumps 24 percent Poland hosts donor conference for Belarus struggle Money Challenges Workers Face After 50 Ireland to vote on February 25 Chains to report chilly end to holidays House panel probes Fannie, Freddie legal fees Oil hovers below $91 as US crude supplies jump Cuomo slashes spending, freezes taxes in NY budget GM and Chrysler lead as U.S. auto sales rise A Change in Career Strategy Dow and S&P end at highest since June 2008 Tue, 1 Feb 2011 01:54 pm PST Reuters - The Dow and S&P 500 closed at their highest levels since June 2008 on Tuesday and looked poised for more gains after strong earnings and signs of a surge in U.S. manufacturing. Full Story Top Panasonic profit falls on tough rivalry, yen Tue, 1 Feb 2011 11:00 pm PST Reuters - Panasonic Corp posted a worse-than-expected 5.6 percent fall in quarterly profit as tough price competition and a stronger yen offset help from Japan's incentive scheme and its buyout of subsidiary Sanyo Electric. Full Story Top Head of Gap brand out, outlet exec in line: source Tue, 1 Feb 2011 04:58 pm PST Reuters - Gap Inc (GPS.N) will name its top outlet executive Art Peck as the new head of Gap North America as it looks to speed up a flagging turnaround at the apparel brand, a source familiar with the matter told Reuters on Tuesday. Full Story Top U.S. probes BP for gas market manipulation Tue, 1 Feb 2011 10:34 pm PST Reuters - BP said U.S. regulators were considering filing charges against it related to alleged manipulation of the gas market. Full Story Top Roche sees U.S., European reforms weighing in 2011 Tue, 1 Feb 2011 11:34 pm PST Reuters - Swiss drugmaker Roche (ROG.VX) joined peers in striking a cautious note on 2011 as the sector grapples with U.S. healthcare reforms and a push in Europe for lower drug prices. Full Story Top European stocks climb as metals hammer record highs Tue, 1 Feb 2011 03:55 am PST AFP - European equities rose Tuesday as record highs for copper and tin prices lifted mining stocks, while investors digested news of fresh unrest in Egypt, oil's spike to $100 and a huge earnings loss for BP. Full Story Top Metals rise on brighter economic outlook Tue, 1 Feb 2011 01:23 pm PST AP - Prices for industrial metals like copper rose as a brightening global economic outlook raised expectations for higher demand from the manufacturing sector. Full Story Top Panasonic quarterly profit jumps 24 percent Tue, 1 Feb 2011 11:31 pm PST AP - Panasonic's quarterly profit jumped 24 percent, driven by strong sales of flat-panel TVs, auto components and solar panels that offset damage from a strong yen. Full Story Top Poland hosts donor conference for Belarus struggle Tue, 1 Feb 2011 09:30 pm PST AP - Representatives from the United States and several European countries are meeting in Warsaw on Wednesday in an effort to raise money for the democratic opposition in autocratic Belarus, officials said. Full Story Top Money Challenges Workers Face After 50 Tue, 1 Feb 2011 12:16 pm PST U.S. News & World Report - By the time you reach age 50, you have already faced many money challenges including paying off your student loans, buying a home, merging finances with a spouse, and caring for children. But many 50-somethings think the biggest financial challenge of their life is still ahead of them: retirement. Full Story Top Ireland to vote on February 25 Tue, 1 Feb 2011 09:52 am PST Reuters - Ireland will vote on February 25 in the first general election in Europe dominated by the euro zone debt crisis and by demands to renegotiate an unpopular EU/IMF bailout. Full Story Top Chains to report chilly end to holidays Tue, 1 Feb 2011 06:04 am PST Reuters - U.S. retailers are poised to show only a modest rise in January sales as record snow in many parts of the United States kept shoppers away from malls and crimped demand for early spring merchandise. Full Story Top House panel probes Fannie, Freddie legal fees Mon, 31 Jan 2011 03:32 pm PST AP - A leading Republican lawmaker has asked federal regulators to explain why taxpayers have spent more than $160 million in legal fees to defend the giant mortgage companies Fannie Mae and Freddie Mac and their former top executives. Full Story Top Oil hovers below $91 as US crude supplies jump Tue, 1 Feb 2011 11:22 pm PST AP - Oil prices hovered below $91 a barrel Wednesday in Asia as a report showed U.S. gasoline and crude supplies rose more than expected last week, suggesting the recovery in demand remains uneven. Full Story Top Cuomo slashes spending, freezes taxes in NY budget Tue, 1 Feb 2011 12:12 pm PST Reuters - New York Governor Andrew Cuomo proposed laying off nearly 10,000 state workers and cutting billions from education and Medicaid programs as he laid out his first budget on Tuesday, designed to close a $10 billion deficit. Full Story Top GM and Chrysler lead as U.S. auto sales rise Tue, 1 Feb 2011 07:29 pm PST Reuters - General Motors Co and Chrysler posted U.S. sales gains of more than 20 percent for January as the two automakers that had faced collapse in 2009 shot past the industry's still-struggling leader, Toyota Motor Corp. Full Story Top A Change in Career Strategy Tue, 1 Feb 2011 05:08 am PST BusinessWeek - The extent and degree to which global warming causes our climate to change is still unknown. While all qualified scientific organizations agree that greenhouse gas emissions are causing our planet to warm, there are various opinions about the influence they have had on rising temperatures and sea levels and dangerous storms. By making no political attempt to curb emissions, it is as if we are conducting a high-stakes science experiment with our planet. We'll keep pumping carbon into our atmosphere and see how the earth responds. ... Full Story Top

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