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UPI NewsTrack Business

Sept. 30, 2011 at 4:42 PM   |   Comments

Markets stumble to close

NEW YORK, Sept. 30 (UPI) -- U.S. stock indexes tumbled Friday after the Commerce Department said incomes fell 0.1 percent in August, the first drop in 22 months.

The Dow Jones industrial average lost 240.60 points, or 2.16 percent, to 10,913.38.

The Nasdaq shed 65.38 points, or 2.63 percent, to close at 2,415.40.

The Standard & Poor's 500 closed at 1,131.42 points, off 28.98 points, or 2.50 percent.

Personal spending rose 0.2 percent in August, down from a 0.7 percent monthly gain in July.

The benchmark 10-year treasury note yielded 1.9070 percent.

The euro fell to $1.3392 from Thursday's $1.3597. Against the yen, the dollar rose to 77.13 yen from Thursday's 76.83 yen.

In Tokyo, the Nikkei 225 index lost 0.01 percent, 0.94 points, to 8,700.29.

In London, the FTSE 100 index dropped 1.32 percent, 69.36 points, to 5,128.48.


Estimate puts eurozone CPI up 3 percent

BRUSSELS, Sept. 30 (UPI) -- The consumer price index in the 17-member eurozone region for September rose to 3 percent on an annual basis, the European Union's data office said Friday.

The estimate, which shows an increase from an annual rate of 2.5 percent in August, is considered a flash estimate.

Although the estimate uses incomplete data, it has proven to be accurate in 20 of the past 24 months, Eurostat said.

In the flash estimate report, data on individual eurozone member states is not included.

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BofA says Web site glitches are fixed

CHARLOTTE, N.C., Sept. 30 (UPI) -- Bank of America Friday acknowledged its Web site was experiencing glitches but said the problem was fixed and the incident was unrelated to a new fee.

ABC News reported the troubles came one day after BofA announced a $5-per-month fee for most of its debit card holders.

Problems with the Web site continued through the early afternoon.

A bank spokeswoman said, "Everything is fine now." She also said it "had nothing to do with yesterday or hacking or anything to do with customers' information being compromised."

Users who ran into problems were sent a message. "We apologize, but Online Banking is operating slower than usual. We are working to restore full service as quickly as possible. Thank you for your patience," ABC News reported.


Crude oil slides

NEW YORK, Sept. 30 (UPI) -- Crude oil prices fell Friday, losing $1.45 to $80.68 a barrel on the New York Mercantile exchange and ending September 10 percent lower.

"As uncertainty surrounds both the European debt situation and the global economy generally, crude remains highly volatile and under the influence of general market sentiment. Hence, equities sell off, the dollar strengthens and crude heads lower," Matt Smith, analyst with Summit Energy, a subsidiary of Schneider Electric, told MarketWatch.com.

Other energy commodities were mixed at the end of Friday's trading session.

Gasoline gained less than a penny and closed at $2.62 a gallon.

Home heating oil lost 1 cent to $2.80 a gallon.

Henry Hub natural gas was off 7 cents, closing at $3.671 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped 1 cent from Thursday to $3.445, AAA said.

Topics: Matt Smith
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