Here is a look at some of Wednesday's top business stories:
Shares end up ahead of U.N debate
NEW YORK, March 12 (UPI) -- Prices on the New York Stock Exchange and Nasdaq Stock Market rallied modestly late in the trading session Wednesday, as investors hunted for bargains ahead of an expected U.N. vote on a new Iraq resolution by as early as Thursday.
The Dow Jones industrial average gained 28.01 points, or 0.37 percent, to close at 7,552.07, while the Nasdaq composite index added 7.77 points, or 0.60 percent, to close at 1,279.24.
The broader New York Stock Exchange composite index, however, dropped 12.94 points to close at 4,486.70, while the Standard & Poor's 500 gained 3.46 points to close at 804.19. The American Stock Exchange composite index dropped 7.70 points to close at 811.73, while the Wilshire 5000 Index added 20.61 points to close at 7,631.08.
Volume was 1.80 billion on the Big Board and 1.43 billion on the Nasdaq Stock Market.
Analyst attributed some upward action to investors squaring their positions ahead of Thursday's U.N. debate on the latest British/U.S. proposal regarding the Iraq situation.
In economic news, the Commerce Department reported that the U.S. trade deficit narrowed to $41.1 billion in January, which lifted the dollar slightly against other major currencies but did little to bolster equities.
U.S. Treasury prices eased. The 10-year bond dropped 1/32 to 102 13/32. Its yield, which moves in the opposite direction of its price, was flat, sticking at 3.58 percent from that yield Tuesday.
U.S. airlines waive fines amid war fears
EAGAN, Minn., March 12 (UPI) -- Northwest Airlines has joined United, American, Continental, Delta, U.S. Airways and ATA in waiving penalties for passengers changing tickets in the event of war in Iraq.
Northwest said its new ticketing policy would give passengers the option to delay international travel and rebook a flight within 90 days after the start of military action without paying a $150 or $200 fee that would normally apply.
"Northwest's flexible international ticketing policy allows our customers to purchase travel at extremely attractive fares with the assurance that they can change their travel plans in the event of military action in the Middle East," said Laura Liu, vice president of international revenue management.
The fee will be waived only once and refunds will not be given if a lower fare becomes available. Customers will have to pay the difference if the rebooked fare is higher.
Northwest also will waive the $100 fee for customers making changes in tickets for domestic travel within 60 days of the start of hostilities. The tickets must be used by Dec. 15, 2003, in any case.
The world's fourth-largest airline is the seventh major U.S. carrier to announce a ticket policy change, joining United Airlines, American Airlines, Delta Airlines, Continental Airlines, U.S. Airways, KLM, Air Canada and ATA in easing penalties for ticket changes.
KLM is Northwest's international partner. ATA allows changes for a "Code Red" alert, as well.
Domestic airline passenger traffic fell 8 percent during the 1991 Gulf War and passenger loads on some international flights were down more than 40 percent.
International bookings fell more than 20 percent during the Department of Homeland Security's recent "Code Orange" terrorism alert, according to the Air Transport Association.
Customers must advise their travel agent or Northwest international reservations of a ticketing change before their scheduled flight or within 30 days of the start of military action, whichever comes first.
NYMEX rises as U.S. oil supplies shrink
LOS ANGELES, March 12 (UPI) -- The stage was set for even-higher oil prices when the United States' oil supply fell at the same time crude imports fell by more than 1 million barrels per day, the U.S. Energy Information Administration said Wednesday.
The news contributed to a jump of more than $1 for April crude futures on the New York Mercantile Exchange Wednesday afternoon and an increase of more than 70 cents on London's International Petroleum Exchange.
"Crude oil imports have averaged over 8.3 million barrels per day over the last four weeks, but this is still 300,000 barrels per day less than averaged during the same four-week period last year," the EIA said. "Although the origins of weekly crude oil imports are very preliminary ... imports from Venezuela over the last two weeks appear to be much closer to pre-strike levels than earlier in the year."
The agency reported last week's total imports averaged 7.6 million barrels per day. Modern supertankers generally have a cargo capacity of nearly 2 million barrels.
Oil has been extremely volatile to the upside ever since the United States and Iraq began moving toward a military confrontation. Gasoline prices in the United States have reached virtual record levels of $1.706 per gallon, according to AAA, with California averaging a whopping $2.119.
The EIA said that U.S. gasoline stocks fell 4.1 million barrels last week and remained "below the low end of the normal range," while crude supplies in the Midwest continued to bump along at slightly above the lowest level recorded since the EIA began keeping supply records in 1989.
