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Stocks plummet after near record highs

NEW YORK, Oct. 11 (UPI) -- Major U.S. stock indexes plunged in afternoon trading Thursday after earlier enjoying historically high levels.

Technology stocks showed the way and others followed suit downward. One observer said it could have been a domino effect caused by a few pieces of negative news hitting a nervous market.

The Dow Jones industrial average fell 63.57 points, or 0.45 percent, and closed at 14,015.12. The Nasdaq composite fell 39.41 points,or 0.40 percent, to 2,772.20 and the Standard & Poor's 500 fell 8.06 points, or 0.52 percent, to 1,554.41.

The volume on the New York Stock Exchange was 1.52 billion shares traded, with 1,249 stocks rising and 2,038 declining.

Bonds were mixed. The benchmark 10-year note gained 2/32, or 62.5 cents for every $1,000 invested, to yield 4.646 percent Thursday.

The dollar weakened. The euro was at $1.4192 from $1.4147 against the dollar late Wednesday. The dollar was at 117.20 yen from 117.26 yen late Wednesday.

Crude tops $83; heating oil hits record

NEW YORK, Oct. 11 (UPI) -- Crude oil prices closed beyond the $83 level Thursday after U.S. Energy Department inventory data showed an unexpected drawdown in supplies.

Oil prices for November delivery finished up $1.78, or 2.2 percent, at $83.08 a barrel at the New York Mercantile Exchange.

The data pictured a drop in crude oil inventories for last week of 1.7 million barrels compared to the previous week. It also showed that distillate fuel supplies fell by a larger-than-expected 600,000 barrels.

Another surprise came in the form of an unexpected gains on news of a strike at Chevron facilities in Nigeria.

Heating oil hit a record $2.2711 during the session before falling back to close at $2.2473 a gallon, an increase of 3.01 cents.

Natural gas fell 13.4 cents at $6,876 per million British thermal units.

U.S. motorists paid an average $2.760 a gallon for regular unleaded gasoline at the pump, a slight drop from Wednesday’s $2.765, the AAA said.

Ford lands high-profile Toyota executive

DETROIT, Oct. 11 (UPI) -- James D. Farley, a high profile executive with Toyota and considered a rising star in the business, has joined the Ford Motor Co.

Farley, 45, who has served as Toyota’s group vice president of its Lexus Division, will be Ford’s first chief marketing and communications officer. His appointment was approved Thursday by Ford’s directors, the Detroit News reported.

The latest defection from vaunted Toyota to Detroit, Farley is assuming what the News called “arguably the industry’s most monumental marketing challenge” at the struggling car maker.

Alan Mulally. Ford’s chief executive officer who said he was “thrilled” to have Farley aboard, told the newspaper his new executive was “well known for innovative marketing strategies that connect great products to today's and tomorrow's customers.”

Mulally, who arrived at Ford last fall, has been openly critical of Ford marketing efforts.

U.S. trade deficit narrows

WASHINGTON, Oct. 11 (UPI) -- The U.S. trade deficit, boosted by a weaker dollar, narrowed to $57.6 billion in August from $59 billion in July, the Commerce Department reported Thursday.

Exports rose 0.4 percent to a record $138.3 billion, while imports fell 0.4 to $195.9 billion.

In inflation-adjusted terms, the nation's trade gap fell to its lowest level in more than three years, MarketWatch said. In real terms, exports rose 0.2 percent, while imports fell 0.6.

Economists had predicted only a slight narrowing to $58.8 billion.

Company refuses pot pie recall request

PORTLAND, Ore., Oct. 11 (UPI) -- ConAgra Foods refused to recall Banquet-brand and other pot pies linked to a national salmonella outbreak.

Despite direct pleas by Oregon and Minnesota health officials, the company is quoted as saying a recall isn't necessary, the Portland Oregonian reported Thursday.

The state officials said all of the pot pies need recalling because the source of the salmonella hasn't been identified. Doing anything less, they say, allows potentially dangerous food on the market, the Oregonian reported.

ConAgra contends risks can be eliminated with thorough cooking, the newspaper said.