Financial & Business News from Eyewitness News Online

WALL STREET Stocks rise on hopes for Greece debt aid
NEW YORK
The Dow Jones industrial average has soared back above the 10,000 level on the hope that the European Union will help Greece manage its growing debt burden.

The Dow was up as many as 200 points after closing below 10,000 yesterday for the first time in three months.

Global markets bounced back on reports that the European Central Bank pesident is changing his travel schedule to attend a meeting of EU officials Thursday. The move is raising hopes that policymakers will take bigger steps to contain troubles in Greece. The county is struggling with big budget gaps and is seeing demand fall for its debt.

Investors are concerned that troubles with Greece's economy will hurt other countries. World stock markets have been tumbling in recent weeks on concerns that debt problems would spread. Investors are also concerned by budget gaps in Ireland, Portugal, Spain and the uncertainty has undermined Europe's common currency, the euro.

TOYOTA RECALL-US US auto insurer warned on Toyota in 2007
WASHINGTON
State Farm, the largest U.S. auto insurer, says it alerted federal safety regulators in late 2007 to a rise in reports of unexpected acceleration in Toyota vehicles.

State Farm says it saw an uptick in reports of unwanted acceleration in Toyotas from its customer database and warned the National Highway Traffic Safety Administration. For their part, NHTSA officials said the report was reviewed and the agency issued a recall later that month.

NHTSA received complaints about acceleration problems in Toyota vehicles as early as 2003, and congressional investigators are looking into whether the government missed warning signs of the problems. A congressional hearing into the Toyota recalls planned for tomorrow has been postponed because of a snowstorm expected to hit the U.S. capital.

The House Committee on Oversight and Government Reform now plans the Toyota hearing on Feb. 24.

OBAMA-BIPARTISANSHIP Obama: GOP and Dems together can spur job growth
WASHINGTON
President Barack Obama is acknowledging the deep partisan divisions gripping Congress. But he's urging Republican and Democratic leaders to cooperate on legislation that creates jobs.

Obama spoke while meeting in the White House's Cabinet Room with the top House and Senate leaders of both parties, along with numerous aides. It was the first time in two months that GOP leaders met with him in the White House.

After the meeting, the top Republican in the Senate told reporters that GOP lawmakers could support some pieces of jobs package.

BUFFETT-PAULSON TALK Buffett, Paulson talking about the economy
OMAHA, Neb.
Billionaire Warren Buffett and former U.S. Treasury Secretary Henry Paulson are expecting an audience of more than 2,000 when they discuss the economy today.

Buffett and Paulson will headline today's Greater Omaha Chamber of Commerce annual meeting.

Paulson, who led the Treasury during the height of 2008 economic meltdown, wrote a book about his experience called "On the Brink."

Buffett, who is chairman and CEO of Omaha's Berkshire Hathaway, keeps a close eye on the economy through the reports he sees from Berkshire's retail, real estate brokerages, manufacturing and utility businesses. Berkshire's financial strength helped Buffett capitalize on the meltdown in a number of investments, including a $5 billion one in Paulson's former firm, Goldman Sachs.

SOUTHWEST AIRLINES-FAA FAA investigating Southwest Airlines again
DALLAS
Federal officials are investigating Southwest Airlines over the way it handled structural repairs on dozens of jets, according to a person familiar with the situation.

The Federal Aviation Administration confirms that it is investigating whether Southwest followed safety orders dealing with the maintenance of older planes.

Inspectors believe Southwest and a repair shop near Seattle conducted repairs on 44 jets without getting FAA approval first.

Last year, Southwest agreed to pay $7.5 million to settle charges that it operated nearly 60,000 flights with planes that had missed mandatory inspections for structural cracks. In September, the FAA ordered Southwest to replace unapproved parts on about 50 planes.

OIL PRICES Another winter blast helps boost heating oil price
UNDATED
Heating oil prices got a boost today as the second powerful storm in four days threatened to dump more than a foot of snow on the East Coast.

Wholesale heating oil prices rose 4.67 cents to $1.9322 per gallon on the New York Mercantile Exchange today.

The national average for retail heating oil prices was $2.867 per gallon last week, nearly 50 cents higher than a year ago, according to the Energy Information Administration.

Retail gasoline prices fell 0.8 cents overnight to a national average of $2.64 per gallon.

Benchmark crude for March delivery jumped $1.86 to $73.75 a barrel.