Business Briefs

S&P: Big write-downs nearly over; stocks rally

NEW YORK — Stocks rebounded from an early plunge to finish moderately higher Thursday after Standard & Poor's predicted financial companies are nearing the end of the write-downs that have devastated the stock and credit markets.

S&P estimated write-downs of subprime asset-backed securities could reach $285 billion globally but added that "the end of write-downs is now in sight for large financial institutions."

The Dow rose 35.50, or 0.29 percent, to 12,145.74, after falling more than 220 points earlier. The S&P 500 gained 6.71, or 0.51 percent, to 1,315.48. The Nasdaq composite index rose 19.74, or 0.88 percent, at 2,263.61.

Gold breaks four-figure mark on weak dollar, oil

NEW YORK — Gold hit a new milestone Thursday, rising to $1,000 an ounce for the first time in futures trading.

The price of the precious metal has jumped nearly 20 percent since the start of the year after rising nearly 32 percent in 2007. The advance is mainly the result of a weak dollar and high oil prices.

Chrysler to work force: Take 2 weeks off in July

DETROIT — Chrysler is telling employees worldwide to take a mandatory two-week vacation in July.

Chrysler informed employees of the plan in an e-mail. Chrysler plans a corporate-wide shutdown the weeks of July 7 and July 14, though some employees might be asked to stay on for special projects.

It's common for automakers to shut plants in July, but this also would affect salaried workers. Chrysler says the shutdown should help it boost productivity and efficiency.

Home loan rates rise for fourth time in 5 weeks

WASHINGTON — Rates on 30-year mortgages increased this week for the fourth time in the past five weeks.

Mortgage company Freddie Mac said Thursday that 30-year, fixed-rate home loans averaged 6.13 percent this week, up from 6.03 percent last week. Rates on 15-year, fixed-rate mortgages rose to 5.60 percent from 5.47 percent last week.

Even with the increases, analysts said rates remain at attractive levels that should be enough to help the housing industry emerge from its slump.

Sales of Mini, X5 fuel BMW profit increase

FRANKFURT — BMW, the world's biggest maker of luxury cars, said Thursday that higher sales of its Mini and its X5 SUV, along with a one-time gain from changes in German tax laws, pushed its 2007 profit up 9 percent.

The company earned the equivalent of $4.8 billion in 2007. Sales rose 14.3 percent to $86.7 billion. BMW, which this week announced a $750 million expansion of its South Carolina plant, did not provide fourth-quarter figures.

Fla. leads the nation in mortgage fraud — again

WASHINGTON — Florida led the nation in mortgage fraud in 2007 for the second year in a row.

Nevada ranked second, up from No. 6 a year earlier in an annual report on fraudulent mortgage activity compiled by Mortgage Asset Research Institute, a unit of data-collecting firm ChoicePoint Inc.

It was followed by Michigan, California, Utah and Georgia. Virginia made its debut in the report's top 10 list, coming in at No. 7. The report did not detail the exact number of fraud cases by state or rank states not in the Top 10.