Stock indexes dip on storm concerns
NEW YORK, Aug. 29 (UPI) -- U.S. stock indexes shuffled through a relatively slow, mostly negative session Friday heading into the Labor Day weekend.
Oil prices wound up about even for the day.
The Dow Jones industrial average lost 171.22 points, or 1.5 percent, and closed at 11,543.96. The Standard & Poor's 500 fell 17.85 points, or 1.4 percent, to 1,282.83.
The Nasdaq composite lost 44.12 points, or 1.87 percent, to 2,367.52.
The dollar was mixed against major rivals. The euro fell to $1.4668, down from $1.4696 Thursday. Against the Japanese currency, the dollar fell to 108.82 yen, compared to 109.55 yen.
Treasury prices were down in a holiday-shortened trading session. The benchmark 10-year note was off 10/32 to yield 3.827 percent.
Oil prices pressured by storm fears
NEW YORK, Aug. 29 (UPI) -- Storm fears pressured the crude oil market Friday as crude oil prices wound up almost even for the day in New York, losing .06 at $115.53 a barrel.
Traders kept a wary eye on the Gulf of Mexico as Tropical Storm Gustav headed into the heart of offshore oil installations. Evacuation plans were being readied.
The National Hurricane Center forecasts Gustav will likely reach the Gulf Coast early Tuesday. At that point, forecasters believe the gulf's warm waters will help the storm intensify as it heads toward landfall in the United States.
Natural gas also finished about even, dropping 0.02 at $8.02 per million British thermal units.
Heating oil was down .26 cents to 3.206 cents a gallon and reformulated gas was down .25 cents to 3.034 cents a gallon.
At the pump, U.S. motorists were paying an average of $3.669 for a gallon of regular gasoline, an increase over Thursday's $3.660, the AAA said.
Phelps gets new showcase
CHICAGO, Aug. 29 (UPI) -- You won't be seeing U.S. swimmer Michael Phelps among the Olympians on the Wheaties box -- he has a new cereal home.
The hot, record-setting Olympic swimmer who won eight gold medals at the Beijing Games was signed by Kellogg, who beat General Mills to the punch.
Phelps, who holds a total of 14 Olympic gold medals and two bronze, plus seven world records, will appear exclusively on Frosted Flakes and Corn Flakes, Kellogg announced in Chicago Friday.
General Mills signed gymnast Nastia Liukin and decathlete Brian Clay instead for the Wheaties gig.
Japan unveils $107.8 billion stimulus plan
TOKYO, Aug. 29 (UPI) -- The Japanese government unveiled a $107.8 billion stimulus package Friday to boost the economy, officials said.
The package was expected to ease the impact of rising energy and raw material costs, Kyodo reported in Tokyo.
The package, endorsed by Japanese Prime Minister Yasuo Fukuda, focuses on aid in the form of government-backed loans and tax breaks for smaller companies and households suffering from higher gasoline and food prices.
