Stocks turn mixed...oil rebounds...Housing bill signed

NEW YORK (AP) Stocks have backed down from their best levels of the day. The key averages have turned mixed.

NEW YORK (AP) Crude oil has risen after the Energy Department's report on inventories. Light, sweet crude rose $3.27 to $125.46 on the New York Mercantile Exchange.

DETROIT (AP) A General Motors official says the automaker plans to cut 15 percent of its U.S. and Canadian salaried work force or around 5,100 jobs by November. The official declined to confirm the specific numbers but indicated they were generally accurate. The official asked not to be named because the company had not planned to release the numbers until later.

Washington (AP) President Bush has signed the housing bill to help homeowners and stabilize financial markets. Among the provisions, it lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than lose their homes.

FRANKFURT, Germany (AP) Germany's Lufthansa has begun to cancel international long-haul flights as ground and cabin crew continued their strike for a third day. Among those affected are round trips to New York, Dallas, Chicago, Calgary, Calcutta and Dubai.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 07-30-08 1259CDT | save this article / add to your favorites list