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U.S. stock indexes rise slightly

NEW YORK, July 23 (UPI) -- Major U.S. stock indexes rose slightly Wednesday amid mixed earnings reports and a continued retreat in oil prices.

By close of day, the Dow Jones industrial average was up 29.88 or 0.26 percent at 11,632.38. The Nasdaq composite index was at 2,325.88, up 21.92 or 0.95 percent. The Standard and Poor's 500 gained 5.19 or 0.41 percent to 1,282.19.

The weakened threat of Hurricane Dolly to oil equipment in the Gulf of Mexico was a factor in crude oil prices trading most recently at $124.20 per barrel on the New York Mercantile Exchange.

Washington Mutual traded 20.45 percent lower Wednesday while Wachovia shares edged up 3.69 percent.

On the New York Stock Exchange, 1,973 stocks advanced and 1,191 declined on a volume of 1.722 billion shares traded.

The 10-year U.S. Treasury note fell 4/32 to yielding 4.12 percent as the day began.

Internationally, the euro traded at $1.569 Wednesday, compared to $1.5779 at close Tuesday. Against the yen, the dollar was at 107.965 Wednesday from 107.33 Tuesday.

Tokyo's Nikkei 225 Index closed 0.97 percent higher at 13,312.93. London's FTSE gained 85.80 or 1.6 percent to close at 4,559.90.

Officials upset over Starbucks closings

MIAMI, July 23 (UPI) -- Two Florida officials say they are trying to talk Starbucks out of closing under-performing stores in their towns.

The mayor of North Miami and the redevelopment director of Lauderdale Lakes say the Starbucks facilities slated for closing are both in locations targeted for redevelopment, The New York Times reported Wednesday.

North Miami Mayor Kevin Burns won't say whether he plans to offer Starbucks something when he meets with company representatives about the closings.

"This is definitely a hiccup in our plans," Burns said. "We are hoping by some miracle they will change their minds."

Gary Rogers, who directs redevelopment for Lauderdale Lakes, says he is trying to arrange a meeting with Starbucks representatives so he can plead his town's case.

The two locations are among 600 that Starbucks plans to close this year.

LA fast-food moratorium bill advances

LOS ANGELES, July 23 (UPI) -- A Los Angeles City Council committee has endorsed a proposal to ban the opening of new fast-food establishments in a 32-square-mile area of the city.

The proposal, which must still be approved by the full council and signed by the mayor, is aimed at curbing obesity in neighborhoods of South Los Angeles and encouraging supermarkets and sit-down restaurants to locate in the area.

"It's important to offer incentives to bring restaurants into an area, especially an area that has suffered prejudices and stereotypes," said Councilwoman Jan Perry, who authored the measure.

The Los Angeles Times said that while the goal of improving eating habits in South LA was widely applauded at City Hall, the devil was in the details as to what franchises constituted fast food.

Particularly sticky was the concept of a "limited menu," which city officials warned could ban ice-cream shops and other specialty stores while provide a loophole for fast-food operators who simply could add more fatty items to their menus.

U.S. appeals court reviews patent decision

WASHINGTON, July 23 (UPI) -- A U.S. appellate court in Washington is reviewing a patent case, in part, to see if a business method can be patented, experts say.

Although the precedent allowing patent rights for business methods was established 10 years ago in State Street Bank & Trust vs. Signature Financial Group Inc., a new case could restrict or refine that decision, said Steven Henry of Wolf, Greenfield & Sacks P.C.

Henry, one of the lead attorneys for Signature, said the Bernie Bilski case being reviewed could have far-reaching consequences.

In the information age "denying protection in software, financial services and other service areas might put the brakes on the growth we've experienced in the last decade at precisely the wrong time," he said.

The Bilski case involves a rejected patent application concerning a method of managing risk in commodity hedges related to weather. In part, some say, the court is charged with figuring out if an idea without a physical presence -- a free floating idea -- can be patented.

Either way it turns out, the U.S. Supreme Court will likely review the decision, Henry said.

"Ultimately, someone has to resolve the constitutional limits of the patent system," Henry said.