UPI NewsTrack Business

Stocks rally in volatile session

NEW YORK, Aug, 10 (UPI) -- U.S. stocks ended a volatile week slightly lower Friday with central banks around the world pouring cash into money markets.

The Dow Jones industrial average staged a late comeback and finished down 31.14 points, or 0.23 percent, at 13,239.54 after a wild session.

The Nasdaq composite index was down 11.60, or 0.45 percent, at $2,544.89 and the Standard and Poor 500 was up .55, or 0.04 percent at 1,455.50.

Volume on the New York Stock Exchange was 2.53 billion shares with 1,295 stocks rising and 2,078 falling.

Bonds rose, with the benchmark 10-year note up 5/32, or $1.5625 for every $1,000 invested, yielding 4.800 percent.

The dollar was mixed. The euro was at $1.3698 from $1.3683 late Thursday, while the dollar was at 118.49 yen, from 118.30 late Thursday.

Fed steps in to reassure jittery Wall Street

WASHINGTON, Aug. 10 (UPI) -- The Federal Reserve Friday joined central banks in Europe and Asia in attacking the worrisome financial crisis.

The Federal Reserve announced a three-day, $38 billion agreement to inject liquidity into the market and assure wary investors caught up in an uncertain crisis.

The Fed said it was “providing liquidity to facilitate the orderly functioning of financial markets.” Liquidity is the ability to turn assets into cash or trade them easily.

Stepping in to reassure jittery investors, the Fed said it would pump enough money into credit markets to keep its target for the federal funds interest rate at 5.25 percent.

Oil prices come on strong in late session

NEW YORK, Aug. 10 (UPI) -- U.S. oil prices came on strong in late trading on the New York Mercantile Exchange Friday and made up for most of the day’s losses.

Light, sweet crude finished down 12 cents to settle at $71.47 a barrel, weighed down again by worries about global economic growth. It has fallen five of the last six sessions, but is still up 17 percent year to date.

Reformulated gasoline was up 98 cents at $1.9435 a gallon. Heating oil dropped 0.5 cents at $1.9847 a gallon. Natural gas was up 33 cents at $6.916 per million British thermal units.

Boeing Dreamliner running late

SEATTLE, Aug. 10 (UPI) --The first flight of Boeing’s 787 Dreamliner has been pushed back to October, reports from the company’s Washington state plant said.

Originally scheduled for August, the debut was delayed mostly because of the complexity of installing and integrating various systems on the airliner, The Seattle Post-Intelligencer said.

The first 787 is supposed to be delivered to All Nippon Airways of Japan by the end of May. Some of the early Dreamliners will go to several Chinese airlines that want to use the 787 to fly passengers to the Olympic Games, scheduled to begin in China next August.