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UPI NewsTrack Business

Published: Oct. 10, 2007 at 5:59 PM
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Today's Price of Crude Oil
Nymex Crude Oil
    73.88 - (0.00% )
Quotes delayed at least 20 mins.
Dow down, S&P 500 slips, Nasdaq nudges up

NEW YORK, Oct. 10 (UPI) -- U.S. stocks were dragged down Wednesday on word of a delay in the rollout of Boeing's Dreamliner and a mixed bag of third-quarter earnings reports.

The Dow Jones industrial average fell 85.84, a 0.6 percent decrease, to 14,078.69 and the Standard & Poor's 500 lost 2.68, or 0.17 percent, to 1,562.47, a day after both indexes hit record closing highs. However, the Nasdaq composite index rose 7.70 points, 0.27 percent, to close at 2,811.61.

Boeing's announcement that its Dreamliner would be delayed another six months skewed the Dow downward, analysts told The Wall Street Journal. In addition, Chevron and Valero Energy (NYSE:VLO) said smaller refining margins would affect their third-quarter earnings.

On the New York Stock Exchange, 1,572 stocks rose and 1,720 declined on a listed volume of 3 billion shares.

The U.S. Treasury 10-year note was up 62.5 cents for every $1,000 invested to yield 4.644 percent.

The dollar was split overseas. The euro was at $1.4146 from $1.4111 against the dollar Tuesday. The dollar was at 117.21 yen from 117.15 yen Tuesday.

Japan's Nikkei 225 rose 0.1 percent to 17,177.89.

In London, the FTSE 100 Index fell 0.1 percent to 6,611.00.


Energy prices close up

NEW YORK, Oct. 10 (UPI) -- U.S. crude oil prices closed higher Wednesday as traders paid focus on data expected to show declines in U.S. gasoline and heating oil supplies.

Crude prices rose for the second consecutive session on the New York Mercantile Exchanges, adding $1.04 and closed at $81.30 a barrel.

"Forecasts for colder U.S. winter weather, along with concerns over relatively low inventory levels brought buyers into the spotlight again, and from here, focus will shift to the Thursday release of weekly ... inventory data," analysts at Action Economics told MarketWatch.

Three other energy commodities also closed higher.

Natural gas also finished up, closing at $7.0100 per million British thermal units, a change of $0.1470 cents. The per-gallon price for home heating oil finished at $2.2172, an increase of $0.0319 cents.

Gasoline ended the session up $0.0134, closing at $2.0336.

No change was reported at the gas pump Wednesday. The AAA Fuel Gauge Report indicated the price for a gallon of unleaded gas was $2.765, the same as Tuesday.


Talks break between UAW, Chrysler

DETROIT, Oct. 10 (UPI) -- Talks between Chrysler LLC and United Auto Workers reportedly broke off Wednesday after a union-imposed deadline passed and workers walked off their jobs.

About 31,000 of Chrysler's 45,000 union workers left their posts after an 11 a.m. Wednesday deadline passed and marathon negotiations failed to produce a tentative agreement, CNN reported. The remaining union workers already were off their jobs because of a surplus inventory.

Negotiations broke as the deadline passed, and there was no word about their resumption, CNN said.

Chrysler officials said they were aware that UAW workers were leaving plants but wouldn't officially confirm a labor disruption, The Detroit News reported.

At least four assembly plants weren't affected by the Wednesday stoppage. They were temporarily shut earlier this week to reduce inventories of slow-selling vehicles.

Among the issues reported under discussion are job security and healthcare for retirees.

The negotiations are the first for Chrysler as a privately owned corporation. Chrysler was acquired in August by private equity firm Cerberus Capital Management LP after spending being a division of German automaker DaimlerChrysler AG for nine years.


Toymakers wish for recall-free holiday

DALLAS, Oct. 10 (UPI) -- U.S. toymakers by now usually have visions of the 2008 holiday season but recent recalls and possible shortages have them looking askance at this season.

Potential must-have toys for next year's holiday season were being pitched at this week's Fall Toy Preview in Dallas, the Dallas Morning News reported. But that didn't stop toymakers from fretting over recent safety recalls and talks of shortages in the $22.5 billion toy industry, which gets more than 50 percent of its annual sales during the last three months of the year.

"We can't assure that Christmas will be recall-free but if any additional toys have problems, they will be recalled," Carter Keithley, president of the Toy Industry Association, said to the newspaper.

Before the formal preview events began, the Toy Industry Association formed a special council with five top toy sellers to help develop uniform safety assurance measures by early next year, Keithley said.

"Safety standards have been in place but they haven't been required. We want them to be industry-wide, with certified testers and we'll be asking federal regulatory agencies to make the standards the law," he told the Morning News.

© 2007 United Press International, Inc. All Rights Reserved.

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