By The Associated Press
Fewer US banks failing as industry strengthens
WASHINGTON (AP) â¿¿ U.S. banks are ending the year with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They're helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.As the economy heals from the worst financial crisis since the Great Depression, more people and businesses are taking out â¿¿ and repaying â¿¿ loans. And for the first time since 2009, banks' earnings growth is being driven by higher revenue â¿¿ a healthy trend. Banks had previously managed to boost earnings by putting aside less money for possible losses. ___ Trains carrying more oil across US amid boom BILLINGS, Mont. (AP) â¿¿ Energy companies behind the oil boom on the Northern Plains are increasingly turning to an industrial-age workhorse â¿¿ the locomotive â¿¿ to move their crude to refineries across the U.S., as plans for new pipelines stall and existing lines can't keep up with demand. Delivering oil thousands of miles by rail from the heartland to refineries on the East, West and Gulf coasts costs more, but it can mean increased profits â¿¿ up to $10 or more a barrel â¿¿ because of higher oil prices on the coasts. That works out to about $700,000 per train. The parade of mile-long trains carrying hazardous material out of North Dakota and Montana and across the country has experts and federal regulators concerned. Rail transport is less safe than pipelines, they say, and the proliferation of oil trains raises the risk of a major derailment and spill. ___ Dockworkers strike averted for now at US ports NEW YORK (AP) â¿¿ Dockworkers along the East Coast and the Gulf of Mexico agreed Friday to extend their contract for more than a month, averting a weekend strike that could have crippled major ports from Boston to Houston and bottled up billions of dollars' worth of cargo.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts