Oct. 12, 2009 (United Press International) -- U.S. markets edge higher NEW YORK, Oct. 12 (UPI) -- U.S. markets aimed higher Monday morning on a Columbus Day holiday with no government reports scheduled to scare or spur investors.
In late morning trading, the Dow Jones industrial average added 43.08 points, 0.44 percent, to 9,908.02. The Standard & Poor's 500 index added 0.62 percent, 6.66 points, to 1,078.15. The Nasdaq composite index added 9.01 points, 0.42 percent, to 2,148.29.
The benchmark 10-year Treasury fell 1 7/32 to yield 3.391 percent.
The euro rose to $1.4786 from Friday's $1.4709. Against the yen, the dollar was unchanged from Friday at 98.78 yen.
In Japan, markets were closed for a holiday.
Auto dealerships facing a tough year DETROIT, Oct. 12 (UPI) -- The National Automobile Dealers Association said about 2,000 U.S. car dealerships are expected to close in 2009, as sales remain slow.
Auto sales are expected to dive to 10 million vehicles in 2009, down from a peak of 17 million in 2001, The Washington Post reported Monday.
With unemployment at 9.8 percent and expected to peak in February above 10 percent, it is unlikely auto sales will improve much next year, the newspaper said.
Owners of a Chrysler-Jeep-Dodge dealership in Upper Marlboro, Md., opted to drop Chevrolet products in February to put the outlet's entire effort on Chrysler. The dealership then survived the cut when Chrysler opted to close 789 dealerships as the automaker went through bankruptcy this summer.
Now owners Paul and Vince Sheehy say they will close the dealership, anyway, having lost faith that Chrysler is ready to embrace the changes consumers expect.
"Where is the broad array of vehicles competing with the Ford Focus and Toyota Prius? We just don't see that on the horizon," said Paul Sheehy, general manager of the dealership.
Chrysler Group, company spokesman Gualberto Ranieri said the company's five-year plan would be introduced Nov. 4.
Bank of America loans trail in program CHARLOTTE, N.C., Oct. 12 (UPI) -- A Bank of America (NYSE:BAC) lending executive said the U.S. lender did not relish its low ranking among banks helping struggling homeowners with loan modifications.
"We don't want to be down there," said Ken Scheller, Bank of America's senior vice president for home retention.
The U.S. Treasury said Bank of America has modified loans for 11 percent of the potentially qualified homeowners under the Making Home Affordable program, which includes federal subsidies for banks that extend the terms of a loan or lower interest rates, The Washington Post reported Monday.
In comparison, the Treasury said JPMorgan Chase (NYSE:JPM) has modified 27 percent of the potentially qualified loans under the program. Citigroup (NYSE:C) has modified 33 percent. Saxon Mortgage Services has modified 41 percent.
The Post said Bank of America's efforts were dragged down by the 2008 purchase of Countrywide Financial, which more than doubled its mortgage portfolio.
This summer, Bank of America sent letters to borrowers that mistakenly said their loans were not eligible for modification if they were not backed by Federal National Mortgage Association or the Federal Home Loan Mortgage Corp. (NYSE:FRE)
The letter said, "Bank of America is not actively participating in this program."
The bank has stopped sending the letter, the Post said.
Working from home on the rise NEW YORK, Oct. 12 (UPI) -- U.S. research groups said the number of workers setting up businesses at home has hit nearly 10 percent of the workforce and is likely to continue growing.
Forrester Research said 9 percent of adults now work out of their homes, USA Today reported Monday.
Research firm IDC said the trend will continue. Researches say a lack of jobs and advanced technology is pushing more workers to develop a stay-at-home lifestyle for earning a living.
In addition, retired workers now have more opportunity to work from home, researches said.
As people live longer, more retirees, "have 35 or more years (of life) to enjoy and pay for, but not everyone wants to be a greeter at Wal-Mart (NYSE:WMT) ," said Joanne Pratt, who studies technology and the effect on the workforce.
Operating a business from home "gives them the luxury of enjoying so-called retirement while keeping a hand in and earning income," Pratt said.
