How Obama Focuses on Jobs Crisis

The president holds a town hall meeting in Ohio to propose tax breaks for small businesses who are hiring. Plus: GE sees signs of stability.

How Obama Focuses on Jobs Crisis President Obama spent a day in Ohio where he hoped to swing the spotlight back to the unemployment crisis. The President held the town home meeting where he proposed tax breaks to small businesses for hiring. And he talked about creating jobs by investing in Clean Energy projects. General Electric says it’s seeing signs of stability as it pulls through one of the worst years in its 117-year history. GE’s income dropped 19 % to the last quarter of the year but that was actually better than expected. And the company said “It expects to return the growth by next year.” Google seems to have regained its footing after a shaky year. The internet company made nearly $2 billion in the final quarter more than five times would have brought in a year ago. Profits were boosted by an upturn in internet ads. Even so, Wall Street was hoping for better. The Dow plunged for the third straight day losing nearly 217 points and the NASDAQ Composite gave back nearly 61. Hershey is bailing out the chocolate wars. The company said it has no plans to bid for Britain’s Cadbury that makes it all but certain that Kraft foods will go ahead but that’s $19 billion take over of the British chocolate maker. And American Airlines is laying-off a 175 pilots now that it’s cut back its flight schedule. The company struggled with the drop in business losing more than three and half billion dollars in the past two years. For more news, log on to CBSMoneywatch.com. In New York, I’m Alexis Christoforous.