NEW YORK -- IBM and Microsoft drove the Dow Jones industrial average higher Friday after the tech giants reported stronger earnings than analysts expected. Microsoft said sales of Xbox games and Office software helped push revenue up in the last quarter of 2011. IBM credited better sales of software and services and raised its earnings outlook. Google dragged down the tech-heavy Nasdaq index by losing 8.4 percent after earnings fell short of estimates.
--The Dow rose 96.50, or 0.8 percent, to close at 12,720.48.
--The S&P 500 index inched up 0.88 to 1,315.38.
--The Nasdaq fell 1.63 to 2,786.70.
Kodak's financing gives company breathing room
rOCHESTER, N.Y. -- Eastman Kodak Co. has a little more than a year to reshape its money-losing businesses and deliver a get-out-of-bankruptcy plan. Girded by a $950 million financing deal with Citigroup, the photography pioneer aims to keep operating normally while it peddles a trove of digital-imaging patents. Kodak sought protection from creditors Thursday and is required to submit a reorganization plan by Feb. 15, 2013.
NHTSA probe: Chevrolet Volt is not a fire hazard
DETROIT -- The National Highway Traffic Safety Administration said Friday it's closing its safety investigation into the Chevrolet Volt, saying the Volt and other electric cars don't pose a greater risk of fire than gas-powered vehicles.
The agency started studying the Volt in June after a fire broke out in a Volt three weeks after the car was crashed in a safety test. The agency knows of no fires in real-world crashes.
Fed gives details about interest rate guidance
WASHINGTON -- The Federal Reserve has specified how it will begin signaling when its benchmark interest rate will rise and what the rate will be at points in the future.
Four times a year starting Wednesday, the Fed will show in a chart the year when officials predict they will begin raising the rate. Another chart will show individual Fed members' predictions for the rate at the end of 2012, 2013 and 2014.
More guidance on rates might help lower long-term yields further. Lower rates could lead consumers and businesses to borrow and spend more.
3 banks in Ga., Fla., Pa. are first of year to fail
WASHINGTON -- Regulators seized the first banks of 2012 on Friday, taking over weakened lenders in Florida, Georgia and Pennsylvania.
The banks that failed were Central Florida State Bank of Belleview, Fla.; First State Bank of Stockbridge, Ga.; and American Eagle Savings Bank, Boothwyn, Penn. Deposits and certain other assets of the failed companies were assumed by other banks under deals with federal regulators.
Inside trader who wore wire for feds sentenced
NEW YORK -- A former Wall Street trader who wore a wire in a far-reaching insider trading probe was sentenced to three years of probation.
David Slaine. 52, also was fined $500,000 on Friday. He had pleaded guilty in late 2009 to charges that he was part of a $3 million insider trading scheme. Slaine testified last year that he cooperated with the FBI for two years to try to avoid prison.