U.S. stocks close on high note
NEW YORK, June 14 (UPI) -- U.S. stocks shook off pressure from rising oil prices Thursday to finish trading on an up note on the New York Stock Exchange.
The Dow Jones industrial average was up 71.37 points, 0.53 percent, to close at 13,553.72 and register its biggest two-day gain since August 2006.
The Standard & Poor's 500 Index gained 7.30, or 0.48 percent, to end at 1,522.97, putting it up 7.4 percent so far this year.
The NASDAQ Composite Index rose 17.10 points, or 0.66 percent, to 2,599.41. It is up 7.6 percent since the end of last year.
At the close of trading on the NYSE Thursday, 2,183 stocks gained and 1,150 declined, on volume of 2.89 billion shares.
The 10-year Treasury note fell $1.25 for every $1,000 invested, yielding 5.216 percent.
The dollar was nearly steady against the euro at $1.3310 Thursday from $1.3309 late Wednesday. It was at 122.94 yen Thursday, compared with 121.51 Wednesday.
The FTSE 100 Index in Britain rose 0.8 percent to 6,610.80 and Japan's Nikkei 225 Average finished 0.6 percent higher at 17,842.
U.S. foreclosures up during first quarter
WASHINGTON, June 14 (UPI) -- More homeowners in the United States were behind on their mortgages during the first quarter this year than last, an industry group reported Thursday.
The delinquency rate for residential mortgage loans was 4.84 percent of all outstanding loans during the first quarter, up 43 points from a year ago and down 11 points from the last quarter of 2006, the Mortgage Bankers Association said in a news release.
The percentage of loans in foreclosure was 1.28 percent, up nine points from the fourth quarter of 2006 and 30 basis points from a year ago.
The number of loans entering foreclosure was 0.58 percent, 17 points higher than the first quarter last year.
The foreclosure percentage would be lower if Ohio, Michigan and Indiana were not considered, MBA said. The rate of foreclosures started also would have dropped if not for jumps in California, Florida, Nevada and Arizona.
The rate of foreclosures started on sub-prime adjustable rate mortgages jumped from 2.7 percent to 3.23 percent, mainly because of California, Florida, Nevada and Arizona, the organization said.
All states experienced circumstances such as land speculators walking away from properties, poor economies and job loss.
Hertz, Avis to offer hybrid rental options
PARK RIDGE, N.J., June 14 (UPI) -- Car rental rivals Hertz and Avis both announced they are adding thousands of fuel-efficient and eco-friendly hybrids to their U.S. fleets this month.
Hertz, headquartered in Park Ridge, N.J., said it will add 1,000 Toyota Prius gas-electric hybrids at 50 larger airport locations and in Manhattan, USA Today reported Thursday.
Avis, of Garden City, N.Y., said it would introduce 1,000 hybrid vehicles into its fleet, primarily in California, with some in Washington, Seattle and Portland, Ore.
Enterprise reported its fleet has more fuel-efficient cars than other rental companies. The company, based in St. Louis, said 28 percent of its 199,000 vehicles worldwide average at least 32 miles per gallon of gas.
Hertz, the largest rental company at airports, said a hybrid car will cost renters $5 to $10 more per day. If a renter drives 500 miles, a hybrid car can save between $20 and $45 in gas expenses over a standard vehicle.
Kellogg adopts new nutrition standards
BATTLE CREEK, Mich., June 14 (UPI) -- Kellogg Co. announced it will adopt nutrition standards to determine which products children under age 12 will see advertised on U.S. airwaves.
In addition, Kellogg said it will change its marketing so, among other things, licensed characters no longer will hawk products under voluntary standards outlined in a news release.
Because of Kellogg's actions, the Center for Science in the Public Interest, the Campaign for Commercial-Free Childhood and two Massachusetts parents said they will drop a lawsuit challenging the company's advertising practices.
The Battle Creek, Mich., company said products that don't meet the criteria for calories, salt, sugar and fat will either be reformulated to meet the new standards or won't be marketed to children under 12 by the end of 2008.
"We are pleased to work collaboratively with industry and advocacy groups to unveil these standards," David Mackay, Kellogg Co. president and chief executive officer, said in a statement. "We feel the Kellogg Nutrient Criteria set a new standard for responsibility in the industry."
Michael Jacobson, CSPI executive director, said: "By committing to these nutrition standards and marketing reforms, Kellogg has vaulted over the rest of the food industry."
