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Stocks meander...Fed survey sees growth...GM hiring in Phoenix area

Wednesday - 3/6/2013, 3:40pm  ET

NEW YORK (AP) -- Wall Street's rally has lost some steam, a day after the Dow Jones industrial average closed at an all-time high. The Dow has managed to add to yesterday's 126-point gain, while the Nasdaq has been slightly lower and the S&P 500 slightly higher in afternoon trading.

WASHINGTON (AP) -- A Federal Reserve survey shows the U.S. economy expanded in all parts of the country in January and February. The Fed says 10 of its 12 regions reported moderate or modest growth, while Boston and Chicago districts reported slow growth. Consumer spending increased in most regions, largely driven by auto sales, and housing markets showed more strength in nearly all parts of the country. Manufacturing showed modest improvements in most regions.

PHOENIX (AP) -- General Motors says it will hire 1,000 workers to staff an information technology center in suburban Phoenix. The automaker says it's hiring software developers, project managers, database experts, business analysts and other information technology professionals. The center in Chandler, Arizona, is the fourth and final center that GM will announce. The others are in Roswell, Georgia, near Atlanta; Warren, Mich., near Detroit; and in Austin, Texas.

NEW YORK (AP) -- Vornado (vohr-NAY'-doh) Realty Trust has confirmed that it sold more than 40 percent of its stake in J.C. Penney. It's the latest blow against the struggling department store chain that has seen its stock lose nearly two-thirds of its value over the past 12 months. According to documents filed late Tuesday with the Securities and Exchange Commission, Vornado sold 10 million shares at $16.03 to Deutsche Bank on Monday. It still holds 13.4 million shares.

NEW YORK (AP) -- Coca-Cola is answering a call to fight obesity by switching to a lower-calorie version of Sprite in the United Kingdom. The new Sprite with 30 percent fewer calories is already being offered in France. A Coca-Cola spokeswoman says the company is still exploring whether to bring the new Sprite to the U.S.


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