April 14th, 2011
06:58 PM ET

Stocks flat as oil rises

Some highlights from the day's business news:

Stocks little changed as oil rises again

U.S. stocks ended Thursday's session mostly flat, erasing earlier losses as commodities and energy stocks climbed higher. The gains in oil - it went over $108 a barrel - offset weakness in the banking and technology sectors.

The Dow Jones industrial average rose 14 points, or 0.1%, to 12,285. The Dow was down as many as 107 points earlier in the session.

The S&P 500 was effectively flat, closing at 1,315; and the tech-heavy Nasdaq Composite fell a point, or 0.1%, to 2,760.

Financial shares were the biggest laggard Thursday after the Senate issued a report late Wednesday that slammed Goldman Sachs as a "case study" of the recklessness and greed that set off the 2008 financial crisis.

Google's profit up 17% but misses Street's expectations

Google Inc. on Thursday reported a quarterly profit that rose from year-ago results but missed Wall Street's forecasts.

Shares of Google dropped 5% after hours.

The world's online search leader said its net income in the first quarter rose to $2.3 billion, or $7.04 per share, up 17% from a year earlier.

Debt panel co-chairman: Obama's plan 'solid'

Two key players in the debate over how to get the nation's fiscal act together have offered their support for President Obama's plan to bring down deficits.

"I think he's come out with a solid, responsible plan," said Erskine Bowles, co-chair of the National Commission on Fiscal Responsibility and Reform. "While it doesn't have as much deficit reduction as quickly as we do, he does get to $4 trillion worth of deficit reduction."

Bowles and his fellow co-chairman, Alan Simpson, met with Obama at the White House on Thursday. In December, their bipartisan commission, which Obama ordered up last year, outlined a wide range of controversial spending cuts and tax changes that would slash $4 trillion in deficits over the next 10 years.

Obama unveiled his long-awaited deficit reduction plan Wednesday, calling for a mix of spending reductions and tax hikes. The plan, which sets a debt-reduction target of $4 trillion over 12 years, incorporates some of the recommendations made by the bipartisan commission in December.

- CNNMoney.com contributing writer Ken Sweet and staff writers David Goldman and Ben Rooney contributed to this report.

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Filed under: Business • Economy
soundoff (40 Responses)
  1. Cesar

    Do you like long hot dogs or short ones?

    April 15, 2011 at 6:39 am | Report abuse |
  2. Cesar

    I think they made a law that oil speculation done on purpose is illegal. So I hope gas prices don't go up much higher.

    April 15, 2011 at 6:41 am | Report abuse |
  3. Cesar

    Most Wall Street brokers would sell their mother for a buck. That profession is such a disgrace. I would never date a broker much less sleep with one.

    April 15, 2011 at 6:44 am | Report abuse |
  4. Cesar

    GOLDMAN SACHS is in need of stock brokers, investment bankers as well as other financial positions. Must be greedy, selfish, self-centered, open to potentially near criminal acts of financial irresponsibility, ability to tax evade the IRS, be extremely self-centered, and have no ethics. Now reviewing resumes.

    April 15, 2011 at 6:55 am | Report abuse |
  5. banasy

    *Facepalm*

    April 15, 2011 at 7:55 am | Report abuse |
  6. Kai

    I know, right? Nasty little things.

    April 15, 2011 at 9:39 am | Report abuse |
  7. Cesar

    The Clams Have Eyes

    April 15, 2011 at 11:02 am | Report abuse |
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