The U.S. stock market roared back to life today after Citigroup Inc. chief executive officer Vikram Pandit wrote in a memo that the company was profitable through the first two months of 2009.
Citi is having its best quarter-to-date performance since the third quarter of 2007, Pandit said, indicating the federal Troubled Asset Relief Program (TARP) may be stabilizing the beleaguered company.
The Dow Jones Industrial Average recovered more than 320 points this morning. The BizTimes Stock Index, which fell 1.33 points to another new all-time low of 63.83 Monday, rose today with the broader market.
The largest local advancers this morning were Kohl's Corp. (up $2.39 to $35.97), Badger Meter Inc. (up $2.09 to $25.35), Snap-on Inc. (up $1.78 to $22.55), Joy global Inc. (up $1.55 to $19.60) and Rockwell Automation Inc. (up $1.53 to $19.87). The largest local decliners this morning were Johnson Controls Inc. (down 84 cents to $8.77) and MGIC Investment Corp. (down 12 cents to $1.13).
The market received some additional assurance when Federal Reserve Chairman Ben Bernanke said major financial institutions will not be allowed to fail.
Bernanke told the Council of Foreign Relations that an economic recovery later this year is not out of the question. If efforts by the Fed and the Obama administration can stabilize the banks, "then I think there is a good chance the recession will end later this year and 2010 will be a period of growth," Bernanke said.
In the end, the economy will recover, Bernanke said. The only question is how quick, he said.
Bernanke's assurances about supporting the nation's largest banks came one day after Senators John McCain (R-Ariz.) and Richard Shelby (R-Ala.) called for the federal government to let the banks fail.

U.S. employers expect a flat second quarter of hiring, according to the seasonally adjusted results of the latest Manpower Employment Outlook Survey, conducted quarterly by Milwaukee-based Manpower Inc.
"A significant number of employers surveyed anticipate 'no change' in their employment intentions for the upcoming quarter," said Jeffrey Joerres, chairman and chief executive officer of Manpower. "This tells us that in this difficult economic environment, employers are attempting to manage the tension between generating a profit and maintaining their workforce infrastructure."
Of the 31,800 employers surveyed, 15 percent anticipate an increase in their staff levels during the second quarter, while 14 percent expect a decrease in their payrolls. Sixty-seven percent of employers surveyed expect no change in their April-June hiring plans. Another 4 percent are undecided about their hiring intentions for the second quarter.
"We know that companies are having great difficulty forecasting consumer demand right now and that's a key impediment to hiring," said Jonas Prising, Manpower president, the Americas. "It's like trying to make out the image in a stained glass window with no light behind it - it's tough - so employers anticipate running lean until there's more light."
Each of the four U.S. regions surveyed expects weaker employment outlooks compared with last quarter and last year, according to the seasonally adjusted data. Hiring in the Northeast is expected to be the strongest, while employers in the Midwest and West are less optimistic. Employers in the South, who reported the strongest hiring outlook in the first quarter, anticipate the weakest hiring pace in the second quarter.
Milwaukee-Waukesha-West Allis area employers expect to hire at a slow pace during the second quarter. From April to June, 12 percent of the companies interviewed plan to hire more employees, while 16 percent expect to reduce their payrolls, according to Manpower. Another 67 percent expect to maintain their current staff levels, and 5 percent are not certain of their hiring plans.
"Employers anticipate staff levels to be lower than the first quarter of 2009 when 18 percent of companies interviewed intended to add employees, and 13 percent planned to reduce staff levels," Manpower spokeswoman Nicole Langley said.
For the coming quarter, job prospects appear best in Transportation & Utilities, Financial Activities, Professional & Business Services, Education & Health Services and Government. Employers in Construction, Durable Goods Manufacturing, Nondurable Goods Manufacturing, Information and Other Services plan to reduce staffing levels, while hiring in Wholesale & Retail Trade and Leisure & Hospitality is expected to remain unchanged.

Wisconsin Attorney General J.B. Van Hollen today announced he will not appeal a federal judge's ruling that the state's minimum markup law for gasoline sales was unconstitutional.
Van Hollen issed a statement today about his decision not to challenge a ruling in U.S. District Court in the case, Flying J v. Van Hollen. Last month, a U.S. District Judge Rudolph Randa found the minimum markup law unconstitutional with respect to its motor vehicle fuel provisions because they were preempted by federal antitrust law.
Van Hollen suggested the law could be rewritten by legislators to pass constitutional muster.
"While the case law supports Wisconsin's ability to craft legislation aimed at preventing gasoline from being sold as a loss leader so that local retailers can better compete with national companies, the minimum markup law can be better designed to avoid constitutional issues should the legislature choose to do so," Van Hollen said.
The law was intended to protect smaller gas station owners from larger chains that better absorb low prices to drive out competition.

Wisconsin's exports increased by 11.8 percent to a record $20.6 billion in 2008.
Wisconsin now ranks as the 18th-largest exporting state, compared with its 21st-largest ranking in 2006.
"Wisconsin companies aggressively pursued overseas markers and drove our exports to record levels despite a global economic slowdown," Gov. Jim Doyle said. "As governor, I'm committed to doing all I can to support a climate that encourages success for our exporters."
Exports to Canada, Wisconsin's largest international market, grew by 10.2 percent to $6.5 billion in 2008. Mexico continued as Wisconsin's second-largest export market, as exports grew 18.9 percent to $1.8 billion. China took third place with a 4.4 percent increase to $1.2 billion. Germany ranked fourth with a 19.8-percent increase to $790.4 million. Japan ranked fifth with a 10.6-percent increase to $724.4 million.  Industrial machinery, including computer equipment, continues to be Wisconsin's top manufacturing export commodity, growing by 11.1 percent to $6.9 billion. Electrical machinery ranked second with a 3.8-percent increase to $2.4 billion. Medical and scientific instruments ranked third with a 1.7-percent increase to $2.1 billion. Transportation equipment ranked fourth with 14.3 percent increase to $2.0 billion. Paper and paperboard took fifth place with a 0.5-percent decrease to $793.5 million.
Companies interested in planning or implementing an export venture can obtain more information by contacting Mary Regel at the Wisconsin Department of Commerce at (608) 267-9661 or mary.regel@wisconsin.gov.

Two Wisconsin companies are teaming to launch a new brand of chicken wings.
Stevens Point Brewery and Brakebush Brothers Inc. are now marketing Tappers Beer Battered Wings featuring Point Amber Classic.
Brakebush Brothers, a Westfield-based supplier of chicken products for foodservice and consumers, uses Point Amber Classic in the batter for Tappers, resulting in a distinctive amber color.
Tappers Beer Battered Wings are sold to restaurants, pubs and taverns nationwide.
"This new partnership opens an exciting new chapter for our brewery and gives Point Amber Classic valuable nationwide exposure," said Joe Martino, managing partner for Stevens Point Brewery. "Stevens Point Brewery has been brewing quality handcrafted beers since 1857, and the Brakebush brothers, Bill and Otto, founded their business with a single delivery truck in 1925."
"Point Amber Classic really delivers the flavor in our new Tappers Beer Battered wing," said Steve Ross, marketing manager for Brakebush Brothers. "We're very excited about this new product and our relationship with Point Brewery."

Johnson Controls Inc. plans to sell more than $500 million in new securities to shore up its credit and general operations.
The Milwaukee-based company intends to use the net proceeds from the offerings for general corporate purposes, including the repayment of short-term indebtedness that the company has incurred to finance its working capital requirements.
J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Merrill Lynch & Co. are serving as joint book-running managers for the offerings, and Barclays Capital Inc. is acting as a joint book-running manager for the convertible senior notes offering.
Johnson Controls recently announced a joint venture to produce the batteries for Ford Motor Co.'s new hybrid vehicles.

President Barack Obama lifted restrictions Monday on taxpayer-funded research using human embryonic stem cells. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

Is your company innovative? Does your company have a dynamic leader? If so, BizTimes Milwaukee wants to hear from you. The BizTimes IQ (Innovation Quotient) Awards will honor companies that are engaged in innovative products, services or processes. Online nominations are available at www.biztimes.com/iq. The BizTimes Bravo! Entrepreneur Awards will honor company leaders who are making a difference. Online nominations are available at www.biztimes.com/bravo. Winners of both awards programs will be honored at the BizTech Conference & Expo April 29-30 (www.biztimes.com/expo).

Last-minute reservations are being accepted to attend the Milwaukee Press Club's Newsmaker Luncheon featuring the Wisconsin Supreme Court candidates on Wednesday, March 11.
Candidates Shirley Abrahamson and Randy Koschnick will be the featured guests of the event, which is open to the public.
The candidates will answer questions posed by a media panel that will include WisPolitics president Jeff Mayers, Milwaukee Journal Sentinel reporter Steven Walters and WISN-Channel 12 reporter Kent Wainscott.
The event will take place from noon to 1:30 p.m. at the Newsroom Pub in downtown Milwaukee, 137 E. Wells St. The cost to attend is $15 for members, $20 for non-members, and $10 for students. Lunch is included. Pre-registration and advance payment is required and may be done online at www.milwaukeepressclub.org.

Beleaguered Central States Mortgage in Wauwatosa has suspended operations and is shifting its loans to other providers. Read more in today's BizTimes Money bulletin.

Take today's BizTimes Poll and view the results so far at www.biztimes.com.

Business owner Art Flater shares his personal business survival plan in today's Milwaukee Biz Blog.