Stocks close modestly lower
Worries about the potential downside of China's soaring GDP hung over the market Thursday.
January 20th, 2011
07:33 PM ET

Stocks close modestly lower

Some highlights from today's business news:

Stocks trim losses, close modestly lower

 U.S. stocks recovered from early weakness Thursday to close modestly lower as technology shares remained weak and worries about the downside of China's robust economy hung over the market.

The Dow Jones industrial average lost nearly 3 points, or less than 0.1%, to close at 1,1822.8. The S&P 500 slid over 1 point to end at 1,280. The tech-heavy Nasdaq fell 21 points, or 0.7%, to close at 2,704.

After the market closed, Google reported quarterly earnings and sales that topped analysts' expectations and reshuffled its management. The search giant said Eric Schmidt is stepping down as chief executive, with cofounder Larry Page taking over in April.

Google shares edged up 1% in after hours trading.

Stocks opened lower Thursday after a stronger-than-expected report on China's gross domestic product "spooked people that China has more tightening to do than we originally thought," said Paul Zemksy, head of asset allocation
at ING Investment Management.

Verizon challenges FCC Net neutrality rules

Verizon filed a legal appeal on Thursday challenging the Federal Communications Commission's authority to enforce the new Net neutrality rules it adopted last month.

"We believe this assertion of authority goes well beyond any authority provided by Congress, and creates uncertainty for the communications industry, innovators, investors and consumers," Verizon senior vice president and deputy general counsel Michael E. Glover said in a written statement.

On December 21, the FCC's commissioners voted three-to-two to adopt so-called "Net neutrality" rules, which would give the agency regulatory power over Internet service providers. The agency's goal is to prevent Internet
providers from blocking or "unreasonably discriminating" against Web content, services or applications.

But the FCC's legal grounds for expanding its authority is shaky, and industry observers predicted that Internet providers would take the issue to court.

IRS: Itemizers can file starting on Valentine's Day

Leave it to the Internal Revenue Service to further complicate the national mood on the only day of the year devoted exclusively to romance.

The IRS announced Thursday that Feb. 14 - Valentine's Day - will be the first day the agency will accept all itemized tax returns.

Late last year, the IRS said it would need extra time to reprogram its processing systems because Congress acted so late this year in cleaning up the tax code. reporters Ben Rooney, Laurie Segall and Charles Riley contributed to this report.

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Filed under: Business • Economy
soundoff (One Response)
  1. Dexter blows a$$

    Dexter where are you?

    January 20, 2011 at 7:40 pm | Report abuse |