U.S. stocks up after Fed rate decision
NEW YORK, May 9 (UPI) -- U.S. stock indexes closed up Wednesday after the U.S. Federal Reserve left interest rates unchanged.
The Dow Jones industrial average rose 53.80, or 0.4 percent, to 13,362.87, the 21st record close this year. The broader Standard & Poor's index was up 4.86, or 0.32 percent, to 1,512.58.
On the New York Stock Exchange, 2,081 stocks gained and 1,173 declined on volume of 3 billion shares.
The technology-heavy Nasdaq Composite Index added 4.59, or 0.18 percent, to 2,576.34.
The Fed voted unanimously to keep the federal funds rate, the interest banks charge each other, at 5.25 prcent.
In London, the FTSE 100 index edged down 0.80, or 0.01 percent, at 6,549.60. Most other European indexes were up.
Japan's benchmark Nikkei 225 index gained 91.28, or 0.52 percent, to 17,748.12. China's benchmark Shanghai Composite Index closed above 4,000 for the first time, ending up 1.6 percent at 4,013.09.
The 10-year U.S. Treasury note fell 13/32, yielding 4.67 percent, while the 30-year bond lost 19/32, yielding 4.84 percent.
The U.S. dollar rose to 120.02 yen from 119.93 yen in New York late Tuesday. The euro, in U.S. dollars, moved to $1.3529 from $1.3543.
HBO chief Albrecht departs after arrest
NEW YORK, May 9 (UPI) -- HBO Chairman and Chief Executive Chris Albrecht has left the cable network after his weekend arrest in Las Vegas, parent Time Warner Inc. said Wednesday.
"With great regret, at the request of Time Warner, I have agreed to step down," Albrecht said in a statement issued by Time Warner. "I take this step for the benefit of my Home Box Office colleagues, recognizing that I cannot allow my personal circumstances to distract them from the business."
The announcement -- which brings Albrecht's 22-year HBO career to a close -- came a day after Time Warner said it had given the man behind "The Sopranos" and "Sex and the City" a conditional leave of absence to seek alcohol counseling.
The leave was conditional on "resolution" of misdemeanor charges he assaulted his girlfriend outside the MGM Grand Garden Arena, where the couple had attended an HBO-televised boxing match.
Albrecht was arrested about 3 a.m. Sunday and released after spending the night in jail.
The Los Angeles Times reported Wednesday Albrecht had also allegedly been involved in a physical altercation with a female HBO employee, which HBO paid $400,000 to resolve.
Time Warner appointed HBO Chief Operating Officer Bill Nelson to take over Albrecht's duties on an interim basis. The company would not discuss a permanent successor.
Sematech moving to N.Y. from Texas
ALBANY, N.Y., May 9 (UPI) -- The computer chip consortium that helped transform Austin, Texas, into a major computer research center will move to Albany, N.Y., officials said Wednesday.
Sematech, a consortium of microchip manufacturers and semiconductor research operations, will begin moving people to New York in July, a State University at Albany official said.
The state will spend $300 million to provide buildings and infrastructure for the consortium, which already has 250 research employees at the Albany university, The (Albany) Times-Union reported.
The move, still being finalized, is expected to create 450 new jobs and increase the population in the state capital and nearby Hudson Valley region by thousands, legislative officials said.
About 120,000 people moved to Austin due to jobs stemming from Sematech research, New York state Senate Majority Leader Joseph Bruno said.
"This is something that is critical to continuing to build on a foundation that is emerging in the Hudson Valley in terms of the tech economy we want to attract," said New York Gov. Elliot Spitzer.
Sematech's 15 global members -- which make up 50 percent of the worldwide chip market -- include Advanced Micro Devices, Hewlett-Packard, IBM, Intel, NEC, Panasonic, Samsung and Texas Instruments.
The state has committed to invest $5 million at five additional state university campuses for allied research and development stemming from the Sematech program.
N.Y. Post to return to 25 cents
NEW YORK, May 9 (UPI) -- Rupert Murdoch's New York Post will reverse its price hike to 50 cents and return to selling for a quarter, the newspaper said Wednesday.
The move, effective Thursday, follows a plummet of up to 20 percent at some high-volume newsstands in the 10 days since the News Corp. newspaper doubled its price, Crain's New York Business reported.
Post Editor in Chief Col Allan denied the rollback was related to a sales drop.
"This is a business decision and part of a well-planned strategy," he said. "We're proud of our sales and the numbers being thrown around by our competition are pure fantasy and wishful thinking."
The Post started selling for a quarter in 2000. The move helped the Post nearly double its circulation, overtaking the archrival Daily News, which held its price at 50 cents.
But when the Post went to 50 cents April 30, the News halved its price to a quarter -- and its sales jumped 30 percent, Crain's said.
The News, owned by U.S. News & World Report Editor in Chief Mortimer Zuckerman, has told newsstand dealers it will go back to 50 cents next week.
