Business Highlights

Fed survey: housing, manufacturing drive recovery

WASHINGTON (AP) — Improvements in housing and manufacturing are driving the early stages of the economic recovery, according to a Federal Reserve survey released Wednesday.

The Fed's latest snapshot of business conditions nationwide found "many sectors" of the economy either stabilized or logged modest improvements over the past six weeks. The pickups, though, often were from "depressed" levels of activity.

Still, the new report adds to evidence that a recovery has started from the worst recession since the 1930s. Only two of the Fed's 12 regions — Atlanta and St. Louis — reported weaker overall economic activity.

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Stocks turn lower as note on banks spooks traders

NEW YORK (AP) — Spooked traders unraveled a stock market rally late Wednesday as worries mounted about banks and a jump in the price of oil.

The Dow Jones industrial average ended down 92 points at 9,949.36 after having risen 78 points earlier in the day to a new high for the year.