U.S. markets stumble in 19th week
NEW YORK, May 9 (UPI) -- U.S. stock indexes chugged close to the break-even point for the year through 18 weeks, then stalled, the Dow index falling 2.4 percent through the 19th week.
Oil prices, surging 4 percent on the week, triggered inflation worries as prices climbed to a record $126.06 per barrel on the New York Mercantile Exchange Friday.
The Dow Jones industrial average fell 120.90 points Friday to 12,745.88, off 0.94 percent. The Standard and Poor's 500 index lost 9.40 points to 1,388.28, off 0.67 percent. The Nasdaq composite index lost 5.72 points to 2,445.52, off 0.23 percent.
On the New York Stock Exchange, 1,432 stocks advanced and 1,639 declined on a volume of 1.09 billion shares traded.
The 10-year U.S. Treasury note gained 3/32 to yield 3.773 percent.
The euro traded at $1.5475 from Thursday's $1.5398, while the dollar traded at 102.90 yen from Thursday's 103.92 yen.
In Tokyo, the Nikkei index dropped 287.92 points and closed the week at 13,655.34, off 2.06 percent.
In London, the FTSE 100 index fell 66.10 to 6,204.70, off 1.05 percent.
Poll: Retirement funding looks to change
PRINCETON, N.J., May 9 (UPI) -- Current and future retirees in the United States have sharply contrasting expectations about how they will fund their retirement years, Gallup said Friday.
A third of those currently retired, in a recent survey, indicated pension funds play a major role in their income and 56 percent indicated Social Security plays a major role.
Only 3 percent of current retirees indicated part-time work is a major source of income, Gallup said.
But future retirees said they see it differently.
The "most stunning difference" between the two groups is that 20 percent of future retirees who responded to the survey indicated part-time work will be a major part of their retirement income, Gallup said.
The percentage is twice what it was in April 2001, Gallup said.
A sharp separation was also noted in tax-deferred investment plans.
While 20 percent of current retirees indicated tax deferred plans were a major part of their incomes, 54 percent of future retirees indicated they would expect such plans to be a major source of income for their retirement years.
The survey of 1,021 adults was conducted April 6-9, and carries a margin of error of 3 percentage points, Gallup said.
Microsoft to appeal $1.38 billion fine
REDMOND, Wash., May 9 (UPI) -- Microsoft Corp. will appeal the $1.38 billion fine imposed by the European Commission in February, the company said Friday.
The company was seeking to reverse the decision, which resulted in the largest fine ever imposed by the European Commission, The Wall Street Journal reported.
Microsoft called the appeal "a constructive effort to seek clarity from the court."
The fine was imposed when the European Commission decided Microsoft had not complied with a March 2004 antitrust ruling for 488 days.
The commission ruled that, as the dominant player in the software industry, Microsoft had an obligation the reveal codes that would allow other companies to work with their system.
The original suit was filed on behalf of Sun Microsystems, Inc.
Dreamliner delays may cost Boeing billions
CHICAGO, May 9 (UPI) -- Production delays on the 787 Dreamliner could cost Chicago's Boeing Co. billions in late fees, industry analysts said.
In a filing at the Securities and Exchange Commission, Boeing said the average delay for the Dreamliner would be "in excess of 27 months," the Seattle Post-Intelligencer reported Friday.
The total on the late charges are hard to calculate, however. All Nippon Airways, one of the first in line for the jumbo jet, may accept a Boeing loan of 767s in lieu of demanding cash from Boeing, a source said.
But, Air Canada's Chief Executive Officer Montie Brewer said his company would demand compensation for delays on the 37 Dreamliners it has on order, the Post-Intelligencer said.
Boeing had expected to push 112 Dreamliners out the door by the end of 2009, but has revised its schedule and now expects to complete just 25 airlines by then, the newspaper report said.
NEW YORK, May 9 (UPI) -- U.S. stock indexes chugged close to the break-even point for the year through 18 weeks, then stalled, the Dow index falling 2.4 percent through the 19th week.
Oil prices, surging 4 percent on the week, triggered inflation worries as prices climbed to a record $126.06 per barrel on the New York Mercantile Exchange Friday.
The Dow Jones industrial average fell 120.90 points Friday to 12,745.88, off 0.94 percent. The Standard and Poor's 500 index lost 9.40 points to 1,388.28, off 0.67 percent. The Nasdaq composite index lost 5.72 points to 2,445.52, off 0.23 percent.
On the New York Stock Exchange, 1,432 stocks advanced and 1,639 declined on a volume of 1.09 billion shares traded.
The 10-year U.S. Treasury note gained 3/32 to yield 3.773 percent.
The euro traded at $1.5475 from Thursday's $1.5398, while the dollar traded at 102.90 yen from Thursday's 103.92 yen.
In Tokyo, the Nikkei index dropped 287.92 points and closed the week at 13,655.34, off 2.06 percent.
In London, the FTSE 100 index fell 66.10 to 6,204.70, off 1.05 percent.
Poll: Retirement funding looks to change
PRINCETON, N.J., May 9 (UPI) -- Current and future retirees in the United States have sharply contrasting expectations about how they will fund their retirement years, Gallup said Friday.
A third of those currently retired, in a recent survey, indicated pension funds play a major role in their income and 56 percent indicated Social Security plays a major role.
Only 3 percent of current retirees indicated part-time work is a major source of income, Gallup said.
But future retirees said they see it differently.
The "most stunning difference" between the two groups is that 20 percent of future retirees who responded to the survey indicated part-time work will be a major part of their retirement income, Gallup said.
The percentage is twice what it was in April 2001, Gallup said.
A sharp separation was also noted in tax-deferred investment plans.
While 20 percent of current retirees indicated tax deferred plans were a major part of their incomes, 54 percent of future retirees indicated they would expect such plans to be a major source of income for their retirement years.
The survey of 1,021 adults was conducted April 6-9, and carries a margin of error of 3 percentage points, Gallup said.
Microsoft to appeal $1.38 billion fine
REDMOND, Wash., May 9 (UPI) -- Microsoft Corp. will appeal the $1.38 billion fine imposed by the European Commission in February, the company said Friday.
The company was seeking to reverse the decision, which resulted in the largest fine ever imposed by the European Commission, The Wall Street Journal reported.
Microsoft called the appeal "a constructive effort to seek clarity from the court."
The fine was imposed when the European Commission decided Microsoft had not complied with a March 2004 antitrust ruling for 488 days.
The commission ruled that, as the dominant player in the software industry, Microsoft had an obligation the reveal codes that would allow other companies to work with their system.
The original suit was filed on behalf of Sun Microsystems, Inc.
Dreamliner delays may cost Boeing billions
CHICAGO, May 9 (UPI) -- Production delays on the 787 Dreamliner could cost Chicago's Boeing Co. billions in late fees, industry analysts said.
In a filing at the Securities and Exchange Commission, Boeing said the average delay for the Dreamliner would be "in excess of 27 months," the Seattle Post-Intelligencer reported Friday.
The total on the late charges are hard to calculate, however. All Nippon Airways, one of the first in line for the jumbo jet, may accept a Boeing loan of 767s in lieu of demanding cash from Boeing, a source said.
But, Air Canada's Chief Executive Officer Montie Brewer said his company would demand compensation for delays on the 37 Dreamliners it has on order, the Post-Intelligencer said.
Boeing had expected to push 112 Dreamliners out the door by the end of 2009, but has revised its schedule and now expects to complete just 25 airlines by then, the newspaper report said.
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This material may not be reproduced, redistributed, or manipulated in any form.
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