Wednesday business briefs

Obama administration to

earmark $1B for small banks

The Treasury Department said Wednesday that it will invest up to $1 billion in small banks that serve poor communities as part of the Obama administration's efforts to spur more lending to small businesses. The money will come from the $700-billion bank bailout fund. About 210 banks, thrifts and credit unions that are certified by the Treasury Department as "Community Development Financial Institutions" will be eligible. Institutions qualify if they target more than 60 percent of their small-business lending to lower-income rural and urban communities.

Bernanke expresses caution

about recovery

Federal Reserve Chairman Ben Bernanke expressed concerns Wednesday about the economic recovery during a ceremonial swearing-in for another four-year term. Bernanke said that while the economy is growing, "far too many people remain unemployed, foreclosures continue at record rates and bank credit continues to contract."

Yahoo to sell HotJobs site

to rival Monster for $225M

Yahoo is selling its online help-wanted site, HotJobs, to rival Monster Worldwide for $225 million in cash. The deal announced Wednesday reflects HotJobs' diminishing value as the high unemployment rate undercuts the demand for help-wanted advertising. Yahoo bought HotJobs for $439 million in 2002. The sale is part of Yahoo's effort to jettison services that aren't doing well or don't fit with its focus on news, entertainment and communications.

Dow, S&P indexes slip as

growth in services falls short

A disappointing report on services industries halted a two-day advance in the stock market. The Dow Jones industrial average fell Wednesday after jumping a total of 230 points in the first two days of the week. The Dow was down 26.30 points, or 0.3 percent, to 10,270.55. The Standard & Poor's 500 index fell 6.04, or 0.6 percent, to 1,097.28, while the Nasdaq rose 0.85, or less than 0.1 percent, to 2,190.91.

From wire reports