Business Briefs

Stocks gain for 3rd day in row in light volume

NEW YORK -- An increase in regional manufacturing pushed the stock market to its third straight advance Thursday and offset concerns about lower sales at Walmart.

The Philadelphia Federal Reserve said its index of regional manufacturing rose to 17.6 in February, from 15.2 in January. That follows reports the past two days that also pointed to a pickup in business at the nation's factories.

The report lifted stocks of companies that process raw materials, because increased manufacturing should boost sales. Newmont Mining and glass maker Owens-Illinois each rose more than 2 percent.

The market drifted higher in light trading volume, so analysts cautioned against reading too much in to the latest gain.

Bosch to expand, add jobs at Upstate plant

FOUNTAIN INN -- An Upstate hydraulic plant is adding 50 jobs in an expansion. Bosch Rexroth is moving some of its operations from Texas to Fountain Inn, and the company plans to spend about $10 million in the expansion.

The Upstate plant makes industrial piston units and pumps. The expansion will add motors used in oil drilling, transportation and other industries. Bosch said hiring should start this year.

Fed boosts 'discount' rate to 0.75 percent

WASHINGTON -- The Federal Reserve decided Thursday to boost the rate banks pay for emergency loans. The action is part of a broader move to pull back the extraordinary aid it provided to fight the financial crisis.

The move won't directly affect borrowing costs for millions of Americans, but with the worst of the crisis over, it brings the Fed's main crisis lending program closer to normal.

The Fed decided to bump up the so-called "discount" lending rate by one-quarter point to 0.75 percent. The increase takes effect today.

The Fed said the action should not be viewed as a signal that it will soon boost interest rates for consumers and businesses. Record-low borrowing costs near zero are still needed to foster the recovery, it said.

Lower corporate sales a drag at Dell

ROUND ROCK, Texas -- Dell said its net income fell 6 percent to $334 million in the most recent quarter.

Consumers snapped up low-cost laptops and smaller netbooks over the holidays, but businesses, which account for about half of Dell's sales, still haven't markedly increased their spending on computers.

From November through January, Dell's revenue increased 11 percent to $14.9 billion.

The results roughly tracked Wednesday's report from rival Hewlett-Packard, which said it sees corporate PC buying picking up in the later in the year.

Mortgage rates fall to 4.93% for week

WASHINGTON -- Rates for 30-year home loans edged lower for the second straight week, a report said Thursday, but remained above last year's record lows.

The average rate on a 30-year fixed rate mortgage was 4.93 percent this week, down from 4.97 percent a week earlier, mortgage finance company Freddie Mac said.

The average rate on a 15-year fixed-rate mortgages fell to 4.33 percent, down from 4.34 percent last week, according to Freddie Mac.