Business Briefs

Commodities raise stocks to '09 highs

NEW YORK -- A rebound in commodities drew investors back into the stock market and helped push stocks to new highs for 2009. Major stock indicators rebounded Tuesday from a drop the day earlier to end at their highest levels in 11 months.

In an about-face, the dollar weakened against other major currencies. That helped lift commodities such as oil and gold as well as energy and material stocks. Financial stocks also rose sharply.

The gains came as the Federal Reserve began a two-day meeting on interest rates. Investors are hoping the central bank will provide a clearer indication of when it might raise rates.

GM raising output at Midwest factories

DETROIT -- General Motors Co. will go to 24-hour operations at factories in Kansas, Michigan and Indiana to handle an expected increase in demand and to make up for production lost from a large-scale factory consolidation announced earlier in the year.

About 2,400 production workers will be recalled.

The plants make the midsize Chevrolet Malibu, Saturn Aura and Buick LaCrosse; the GMC Acadia and Saturn Outlook large crossover vehicles; and pickup trucks.

CarMax says sales up 13% for quarter

RICHMOND, VA. -- Car dealership chain CarMax Inc. said Tuesday its fiscal second-quarter profit surged on higher sales and a one-time gain related to its auto financing business.

The company, which predominantly sells used vehicles and has one store in Charleston, said it earned $103 million for the three months ended Aug. 31, compared with $14 million a year ago. Sales rose 13 percent to $2.08 billion. Sales at stores open at least a year rose 8 percent.

Intel chief: PC sales might grow in 2009

SAN FRANCISCO -- The worldwide personal-computer market is pulling out of its slump quickly and could defy predictions by growing this year, Intel Corp. CEO Paul Otellini said Tuesday.

Otellini's comments were more bullish than those by other analysts. Market research firms IDC and Gartner have both predicted a year-over-year decline in PC shipments in 2009.

The market has been dragged by a clampdown in corporate spending on PCs.

U.S. home prices up modestly for July

WASHINGTON -- U.S. home prices rose slightly in July from a month earlier, according to a government index, further evidence the housing market is stabilizing.

The Federal Housing Finance Agency said Tuesday that prices rose 0.3 percent in July from the prior month, but June's price increase was revised down to 0.1 percent from 0.5 percent.

The index is still 4.2 percent below last year's levels and 10.5 percent off its peak from April 2007. It is based on loans owned or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac.

The index has declined less than other housing market measurements because it excludes the most expensive homes and some of the subprime loans that have fallen into foreclosure.