PRESS DIGEST - Wall Street Journal - March 6
March 6 |
March 6 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
* The Dow Jones Industrial Average jumped to a record Tuesday when it finished at 14253.77, topping the previous record set in October 2007. This marked a key milestone in the long slog to recovery from the financial crisis.
* Lawyers for some of the world's biggest banks, including Barclays Plc, Royal Bank of Scotland Plc and UBS AG, made their latest bid Tuesday to persuade a judge to toss out a collection of lawsuits accusing them of manipulating a key interest rate and cheating investors out of billions of dollars.
* The Obama administration has asked U.S. Commodity Futures Trading Commission Chairman Gary Gensler to serve a second term. Gensler, who heard from the White House in January, has not made a decision as yet and is interested in taking on a role as a senior economic official elsewhere in the administration, according to people familiar with the matter.
* Members of J.C. Penney Co Inc's board will consider selling the company or replacing Chief Executive Ron Johnson if a deep drop in sales can't be reversed this year, the Wall Street Journal reported, citing people familiar with the matter.
* Homemaking maven Martha Stewart took a star turn on the witness stand Tuesday in a contract-dispute showdown over her ability to sell housewares at both Macy's Inc and J.C. Penney Co Inc.
* Samsung Electronics Co Ltd and Sharp Corp are in talks for the South Korean technology giant to invest about 10 billion yen ($107.12 million) in the embattled Japanese company, people familiar with the matter said.
* Berkshire Hathaway Inc subsidiary BNSF Railway Co , one of the biggest U.S. consumers of diesel fuel, plans this year to test using natural gas to power its locomotives instead. If successful, the experiment could weaken oil's dominance as a transportation fuel and provide a new outlet for the glut of cheap natural gas in North America.
* Microsoft Corp has recently been offering price breaks on its Windows 8 and Office software to help spur the development of small, touch-enabled laptop computers, people familiar with the situation said.
* Honeywell International Inc Chief Executive David Cote says job growth won't improve much until U.S. economic growth tops 3 percent. The company, which has only been hiring two to three employees for every four or five who leave, plans to slow hiring further amid persistent uncertainty over the U.S. economy.
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