Raleigh News and Observer Business

Wall Street put a stop to a terrifying decline and stormed higher Friday as President-elect Barack Obama appeared ready to tap the chief of the New York Federal Reserve as the next treasury secretary and hand him the herculean task of righting the U.S. financial system. The Dow Jones industrial average, which had broken even for the day until news of the nomination leaked about an hour before the close, raced upward and finished 494 points higher, a rally of more than 6 1/2 percent.

Bracing for a prolonged economic slump, Ply Gem Industries plans to close two manufacturing plants and shed 306 jobs in New Jersey and Arizona.

The number of N.C. workers without jobs rose last month as employers failed to keep pace with a rising labor force.

Wall Street looked poised to get a break from the steep sell-off of the past two days following a report that Citigroup Inc. might put itself up for sale.

State regulators have cited a North Carolina chicken processing company for 49 serious safety code violations, many involving hazardous chemicals.

Lawmakers say Detroit auto execs failed to prove they deserve a bailout. Now, the CEOs of Detroit's Big Three have been given 12 days to return to Washington with a better sales pitch.

The latest installment of the James Bond franchise, "Quantum of Solace," is more than entertainment. It's a promotional tool for a number of brands -- Virgin Atlantic Airlines and Heineken beer among them -- angling to get the attention of customers in a cluttered marketplace.

Triangle home sales plummeted in October as a dwindling pool of buyers balked at sellers' still-ambitious prices.

For the Pantry, a year of cost-cutting and a little end-of-year luck added up to a fourth quarter that most companies can only dream of in the current economy.

The state will provide some insight into the economy today when it releases unemployment figures for October.

Biotechnology remains a bright spot in North Carolina's economy, despite the loss of more than 300 jobs in pharmaceutical research, development and manufacturing in the Triangle this year.

Tough times call for comfort food. First up, H.J. Heinz Co., the maker of Heinz ketchup, Weight Watchers meals and Ore-Ida french fries, is benefiting as consumers eat at home more to save money.

Wachovia's chief executive said Thursday that the bank's sale to Wells Fargo is progressing appropriately but that the details won't be wrapped up as quickly as some people might like.

PC maker Dell Inc. said late Thursday its third-quarter profit fell 5 percent as businesses around the world bought fewer computers and other technology products.

Oil prices on Thursday hit levels not seen in more than three years and retail gasoline prices are now below $2 across nearly half of the country on dour economic reports suggesting a painful economic pullback.

The U.S. Department of Labor is seeking to recover more than $120,000 for the pension plan of Vance-Warren Comprehensive Health Plan, a medical clinic in Manson, about an hour north of Raleigh.

The Associated Press will trim 10 percent of its work force over the next year as a cut in fees paid by member newspapers and a declining economy take their toll, Chief Executive Tom Curley said Thursday.

Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets.

More layoffs are hitting the Winston-Salem area as companies adapt to an ailing economy.

GMAC Financial Services, the troubled lender partly owned by ailing automaker General Motors, is considering moving its headquarters to Charlotte.