Update 9/16/2011: Car started this morning without any screeching sound. Aside from the audio system which I have not turned on as a result of not having the code handy, all other systems are up and running.
Update: The alternator was checked and deemed fine as its reading was in the 13.something range.
The battery was defective and thus changed but I had to fork out the money for it less $40 from prorating the warranty.
In addition to the battery, an alternator belt and a power steering belt was installed to fix the screeching sound. The litmus test to gauge the effectivity of the solution put in place will be starting up the car tomorrow. No screeching will mean, it is fixed and if I get even the slightest screeching sound, I'm headed back to the sears store.
In total, I paid $234 and some change for all the work done today.
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When I started my car yesterday, and attempted to drive off, she let out a loud squeal like that of screeching tires which came on whenever I stepped on the gas pedal.
On calling Sears about the battery since I've had it changed twice since getting it in 2008 from them (first one lasted almost 2 years and this is its replacement), they think it might be the alternator.
At the moment, I'm researching the issue. The suggestions include:
1)checking the voltage to see if it is between 13.75V and 14.25V
2)checking and adjusting the alternator belts if not tight
3)cleaning the accessible connections
4)changing the battery if all else check out ok