Stocks follow big gain with stability
WASHINGTON -- The stock market showed signs of stability Tuesday as major indexes held on to most of their rebound from last week's big drop. The Dow Jones industrial average fell about 37 points after fluctuating for much of the day. Broader indicators were mixed.
Analysts said it was reassuring that the market kept most of its gains from Monday, when the Dow soared 405 points in response to the creation of a bailout fund for weak countries. Tuesday's trading signaled the previous day's big move wasn't solely driven by euphoria.
Boeing workers on C-17 line on strike
LONG BEACH, Calif. -- Boeing Co. workers who assemble C-17 planes went on strike Tuesday, shutting down the production line for the jumbo cargo jets in a feud over medical and pension benefits.
Nearly all of the 1,700 unionized mechanics at Boeing's Long Beach plant heeded the strike call. About 3,000 non-union workers continued in jobs ranging from engineering to supply and sales, Boeing spokeswoman Cindy Anderson said.
Anderson said the strike has not affected C-17 operations, such as parts supply and manufacture, that employ thousands of people in 44 states. Charleston Air Force Base is a home to the cargo planes.
Toyota's profitable again as sales rise
TOKYO -- Toyota cruised back to profit in the latest quarter as the world's top carmaker cut costs and hitched a ride on the global auto sales recovery while fighting to salvage its reputation for quality.
But the automaker's top executive and analysts alike said Toyota is still far from a full recovery while another potential blow to its image looms after U.S. federal authorities launched a fresh investigation into a steering recall.
Toyota Motor Corp. said Tuesday that January-March profit totaled 112 billion yen ($1.2 billion) compared with a 766 billion yen loss the year before.
Disney posts 55% jump in earnings
NEW YORK -- The Walt Disney Co. said Tuesday that its earnings in the latest quarter jumped 55 percent on strong box office returns for "Alice in Wonderland."
Disney's earnings offer a partial reading on consumer sentiment. Its amusement parks and movie releases depend on people feeling confident enough to spend their extra cash.
A year ago moviegoers coping with a severe recession largely avoided Disney's "Confessions of a Shopaholic." In the most recent quarter, movie studio profits surged.
Financial firm sued in Madoff scandal
NEW YORK -- In the late 1990s, executives at the financial advisory firm Ivy Asset Management decided something about Bernard Madoff didn't add up, and began urging clients to back away from the man later revealed to be Wall Street's greatest fraudster. Those warnings weren't loud enough, New York's attorney general now says.
The state sued Ivy and two of its former executives Tuesday, claiming they had "disturbing" evidence years ago that Madoff was lying about his investment methods, but played down those suspicions because they feared losing millions of dollars in management fees.