Business Briefs

Stocks close down on latest bad news

NEW YORK — Wall Street closed sharply lower Thursday as more bad news about earnings and worries about the banking industry wiped out any attempts at a rally.

The major indexes ratcheted up and down during the course of the session before ending sharply lower.

Bad news from Microsoft Corp. set the tone for the day and made clear more pain was to come before an economic recovery would emerge. More downbeat economic readings, including an increase in the number of weekly jobless benefit claims and a sharp drop in home construction activity, added to the day's gloom.

Chrysler to roll out lures to drive sales

DETROIT — Chrysler said Thursday it is rolling out new incentives to tempt consumers into its dealerships and boost sales.

The program will offer employee pricing discounts to the public and additional rebates. The deals are in addition to a zero-percent financing offer announced last week.

Customers can get cash discounts of up to $3,500 for 2009 model year vehicles and up to $6,000 on 2008 model year vehicles. Sales at Chrysler fell 53 percent in December. Last week, Italian automaker Fiat proposed a deal to take a 35 percent stake in the company.

Mortgage rates up from historic lows

McLEAN, Va. — Rates on 30-year mortgages rose above 5 percent this week, ending a five-week run at record low levels, Freddie Mac said Thursday.

The average rates on 30-year fixed mortgages rose to 5.12 percent from a record low of 4.96 percent established last week. The lower rates have kick-started mortgage refinancing activity. The average rate on a 15-year fixed-rate mortgage rose to 4.8 percent, from 4.65 percent last week.

Profit at Google is off, a first for firm

NEW YORK — Google's profit slipped for the first time in the fourth quarter, but the Internet search leader is still weathering the economic storm better than analysts anticipated.

Google said Thursday it made $382 million in the three months ended in December, a 68 percent drop from the same period in 2007. Profits had climbed by at least 17 percent in its previous 17 quarters as a public company. Revenue climbed 18 percent to $5.7 billion.

Google has a data center near Goose Creek.

MUSC helps draw a firm to Columbia

COLUMBIA — A medical biotechnology company is moving its headquarters from Illinois to South Carolina.

State officials said the move by Bridge to Life Ltd. will create up to 70 jobs in Columbia. The company expects to invest about $45 million.

The State newspaper reported that Bridge to Life received a $200,000 grant from SCLaunch, a collaborative made up of the state's research universities and the South Carolina Research Authority. Bridge to Life will sell two federally approved products for storing and shipping human donor organs.

John Bruens with Bridge to Life cited the organ transplant expertise at the Medical University of South Carolina that is needed for new product development.