U.S. stocks down despite good news
NEW YORK, June 29 (UPI) -- U.S. stocks closed lower Wednesday despite a strong first-quarter gross domestic product report and a second day of falling crude oil prices.
The Dow Jones industrial average fell 31.53 or 0.30 percent, to 10,374.10 on a volume of 963.3 million shares. The Nasdaq composite slipped 1.01 or 0.05 percent, to 2,068.88, and the Standard & Poor's 500 declined 1.72 or 0.14 percent to 1,199.85.
The GDP was 3.8 percent in the first quarter, higher than expected, and crude oil prices fell to $57.26 per barrel.
The 10-year Treasury note gained 6/32, or $1.86 per $1,000 invested, for a 3.999 percent yield.
The dollar rose to 110.42 yen from 109.96 as the euro increased to $1.2084 from $1.2060.
Tokyo's Nikkei 225 rose 0.6 percent or 63.61 to 11,577.44, and London's FTSE 100 settled at 5,114.20 after rising 23.80 or 0.47 percent.
Senate panel sends CAFTA to floor, barely
WASHINGTON, June 29 (UPI) -- The Central America Free Trade Agreement squeaked out of a Senate panel Wednesday on a tight voice vote that was decidedly not party line.
The Senate Finance Committee action gives an important symbolic victory to President Bush as he presses for congressional passage of the controversial trade pact with the Dominican Republic, Nicaragua, El Salvador, Honduras, Costa Rica and Guatemala, MarketWatch said.
The move, which clears the way for a full Senate vote, came despite the lack of a final deal designed to assuage the sugar industry's concerns that the pact will result in a significant spike in U.S. sugar imports.
Sen. Craig Thomas, R-Wyo., who represents sugar beet farmers, opposed the move, but Sen. Jeff Bingaman, D-N.M., who was previously undecided, said he would back the proposal.
U.S. Trade Representative Rob Portman hailed the committee vote as reflective of its broad support, saying the panel's action was proof of "strong bipartisan support" for CAFTA.
A House panel was set to vote on the treaty Thursday.
Turkmenistan pulls cell phone co. license
ASHGABAT, Turkmenistan, June 29 (UPI) -- Turkmenistan's government has pulled the license of the nation's main cell phone company, hours after it was sold to a Russian group.
Barash Communications Technologies Inc. of Texas sold 51 percent of its stock Monday to Russia's largest mobile phone operator, Mobile TeleSystems OJSC.
MTS, whose partner in the venture is the Commonwealth of Independent States, also agreed to buy the remainder of stock in BCT, which has a unit that operates in Turkmenistan, in the next eight months.
The Barash unit dominates Turkenistan's mobile market, with an estimated 97 percent of all subscribers, who number about 59,000.
But Tuesday, Turkmenistan's communication ministry revoked the license held by BCTI to provide mobile services in the country.
"We are very surprised by the decision to revoke BCTI's license," MTS' President Vassily Sidorov said Wednesday. "We made several attempts to clarify the details of the acquisition with the government of Turkmenistan, and we believe that the ministry's decision could be based on a simple misunderstanding."
U.S. gun sales on the rise
SPRINGFIELD, Mass., June 29 (UPI) -- Gun sales in the United States are shooting up, according to current and projected firearms sale figures from gunmaker Smith & Wesson Corp.
The 153-year-old Massachusetts company Wednesday said firearms sales for fiscal 2005 are expected to increase by approximately 11 percent over fiscal 2004 levels.
"We expect fiscal 2006 revenue growth in our core business in the range of 10 percent to 12 percent, with gross margins continuing to improve over the course of 2006, said Michael Golden, the company's chief executive.
"We plan to support this growth with incremental revenue from new products, including shipments of our award-winning Model 460-XVR revolver, named Handgun of the Year by the Shooting Industry Academy of Excellence."
Smith & Wesson is one of the largest gunmakers in the world.
