IN BRIEF

NEW YORK

As traders set aside angst, stocks head up

Wall Street ended a frenetic January with a huge advance Thursday after investors set aside worries about bond insurers and grew more optimistic that the Federal Reserve's interest rate cuts will indeed help lift the economy. The Dow Jones industrials rose more than 200 points but suffered its worst January in eight years.

The Dow rose 207.53, or 1.67 percent, to 12,650.36.

For the month, the Dow lost 4.63 percent -- its worst January since losing 4.84 percent at the start of 2000. January's pullback was the steepest seen in any month since December 2002.

Broader stock indicators also jumped Thursday. The Standard & Poor's 500 index rose 22.74, or 1.68 percent, to 1,378.55, and the Nasdaq composite index rose 40.86, or 1.74 percent, to 2,389.86.

SAN FRANCISCO

Google growth slows more than forecast

Google's earnings and revenue growth decelerated more than analysts anticipated during the fourth quarter, magnifying worries that the Internet search leader's moneymaking machine is bogging down as the U.S. economy teeters on the brink of recession.

Google earned $1.21 billion, or $3.79 per share, during the quarter ended Dec. 30. That's up 17 percent from net income of $1.03 billion, or $3.29 per share, a year earlier.

It's the first time Google's profit Google's quarterly profit has climbed by less than 25 percent since the Mountain View-based company went public nearly 31/2 years ago.

Revenue rose 50.5 percent to $4.83 billion from $3.21 billion.

TiVo prevails in lawsuit over technology patent

TiVo, the pioneer of digital video recording, won an appeals court ruling that Dish Network Corp. infringed its patent on the technology.

The U.S. Court of Appeals for the Federal Circuit also upheld a $74 million damage award, which has since increased to $94 million.

The lower court had ordered Dish to stop providing the DVR service, a decision put on hold pending appeal.

The decision means TiVo will get at least $100 million in cash, or about $1 a share.

KANSAS CITY, Mo.

H&R Block will cut 505 corporate positions

H&R Block, the nation's largest tax preparer, said Thursday it plans to eliminate 505 corporate support staff positions by April, reducing expenses by about $110 million per year.

As a result, the company will record a pretax charge for severance-related benefits of about $17 million. H&R Block will eliminate about 325 filled and 180 open positions, or about 23 percent of its corporate support staff, by April 30. None of the positions affected are in field tax services or business services, the company said.

ST. LOUIS

Beer sales help boost Anheuser-Busch profits

Resurgent beer sales helped lift Anheuser-Busch's profit 12 percent in the fourth quarter, but the brewer warned Thursday that rising costs could eat into earnings this year.

The maker of Budweiser and Bud Light said it earned $214 million, or 29 cents per share, in the three months ended Dec. 30, up from $191 million, or 25 cents, in the same period in 2006.

Net sales rose 8 percent to $3.7 billion after excise taxes were deducted.

Analysts polled by Thomson Financial had expected earnings per share of 32 cents.

WASHINGTON

Official pushes tax on Internet gambling

U.S. Rep. Jim McDermott say a tax on Internet gambling could generate $8 billion to $42 billion in revenue in its first 10 years.

The figures come from an analysis prepared by PricewaterhouseCoopers that McDermott provided to all members of Congress.

McDermott, D-Seattle, introduced the Internet Gambling Regulation and Tax Enforcement Act.

McDermott says attempts to ban Internet gambling have been ineffective and his approach would protect consumers and subject the revenue to taxation.

NEW YORK

Treasury prices rise amid economic news

Long-term Treasury prices rose Thursday on a combination of worries about the bond insurance sector and data reports underscoring the depth of the economic slowdown.

The benchmark 10-year Treasury note rose 0.03 points to 105 with a yield of 3.63 percent, unchanged from late trade Wednesday, according to BGCantor Market Data.

The 30-year long bond advanced 0.47 points to 110.69 with a yield of 4.35 percent.