Financial News Updates

Prius driver's 911 call: 'My car can't slow down' (AP)
The driver of a Toyota Prius that sped out of control on a San Diego County freeway sounded panicked at times as he told a dispatcher about a stuck accelerator.

Gas price rises seen gentler on consumer wallets (AP)
As the economy recovers, energy prices are rising and that is placing extra strain on families' budgets. Each spring brings a familiar ritual in gasoline markets -- rising prices -- and this year won't be an exception.

Stock investors ask: What's the next big thing? (AP)
A year after the stock market began its comeback from 12-year lows, investors are looking for the next big thing. Stocks have lost some of the momentum that propelled the Dow Jones industrial average up 4,017 points, or 61.4 percent, from its close of 6,547 on March 9, 2009.

Shares of bailed out companies surge (AP)
Shares of four companies that have received huge infusions of taxpayer cash soared Tuesday after a report that the government would sell its stake in Citigroup Inc. raised hopes that other bailed-out companies would follow.

Producer admits to attempted Letterman shakedown (AP)
A former television producer pressured by debt and riven by jealousy admitted Tuesday he tried to extract vengeance and money by shaking down David Letterman in a case that bared the late-night icon's affairs with staffers.

Chevron to shed 2,000 jobs, sell some assets (AP)
Chevron Corp. said Tuesday it will cut 2,000 jobs this year and sell some overseas operations as it revamps its struggling refinery, marketing and transportation operations.

Abbott paying $450 million for Facet Biotech (AP)
Abbott Laboratories says it will buy Facet Biotech for about $450 million in cash, expanding the company's access to biotechnology drugs, including a potential treatment for multiple sclerosis.

Job openings up sharply in January to 2.7M (AP)
Job openings rose sharply earlier this year, evidence that employers are slowly ramping up hiring as the economy improves.

EU urges US to join in action against speculators (AP)
European officials urged the U.S. to join in a crackdown on speculators who bet against Europe's currency union, warning they might ban some credit default swaps -- opaque financial instruments blamed for worsening the world financial crisis.

Class-action lawsuits could cost Toyota $3B-plus (AP)
Toyota owners claiming that massive safety recalls are causing the value of their vehicles to plummet have filed at least 89 class-action lawsuits that could cost the Japanese auto giant $3 billion or more, according to an Associated Press review of cases, legal precedent and interviews with experts.