Financial News Updates

Oil jumps $5 on US-Russia tensions, sliding dollar (AP)
Oil prices shot up more than $5 a barrel Thursday, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West.

Economy remains stuck in low gear (AP)
NEW YORK -- A private sector measure of the economy's health showed the largest drop in a year, and while new jobless claims fell for the second straight week, they remain near the highest levels since 2002.

Stocks fluctuate on rising oil, financial worries (AP)
Stocks fluctuated Thursday as a surge in oil prices fanned investors' growing inflation concerns. But a rebound in shares of mortgage companies Fannie Mae and Freddie Mac and gains by energy companies helped stocks pull off their lows.

NY AG: Will take Merrill to court on Friday (AP)
New York Attorney General Andrew Cuomo said Thursday he'll file suit against Merrill Lynch & Co. over its role in selling auction-rate securities if an agreement isn't reached by the end of the day.

FDA: Irradiating spinach, lettuce OK to kill germs (AP)
The government will allow food producers to start zapping fresh spinach and iceberg lettuce with just enough radiation to kill E. coli and other dangerous germs, a key safety move amid increasing outbreaks from raw produce.

Maker of Snickers and M&Ms is raising prices (AP)
The maker of Snickers bars and M&Ms candies says it is raising prices on various items to offset the higher costs of raw materials, packaging and energy.

Gap names president of Old Navy (AP)
Gap Inc. announced Thursday that it has named Tom Wyatt, a 30-year retail veteran, as president of its struggling Old Navy chain.

Heinz 1Q profit rises 11 percent (AP)
Food maker H.J. Heinz Co. said Thursday that its fiscal first-quarter profit rose 11 percent, fueled by double-digit sales growth in North America and Europe.

IKB to be bought by Lone Star Funds (AP)
German lender IKB Deutsche Industriebank AG, which has been badly hit by the U.S. subprime mortgage crisis, will be sold to U.S.-based private equity firm Lone Star Funds, the German company's biggest shareholder said Thursday.

Now on the Hallmark aisle: Gay marriage cards (AP)
Most states don't recognize gay marriage -- but now Hallmark does. The nation's largest greeting card company is rolling out same-sex wedding cards -- featuring two tuxedos, overlapping hearts or intertwined flowers, with best wishes inside.