AP Financial News Summary at 4:52 p.m. EDT
Dow Closes Up 55, Nasdaq Finishes Down 7
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NEW YORK (AP) _ Wall Street ended Tuesday mixed, with an analyst’s upgrade of General Motors Corp. carrying the Dow Jones industrials to a fresh six-year high and within reach of its best-ever close. Dell Inc.’s profit warning put a dent in the tech sector.
Gold Prices Hit Highest Level Since 1980
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NEW YORK (AP) _ Gold prices surged Tuesday above $700 an ounce _ a level not reached since 1980 _ as funds bought into the market, driven by weakness in the dollar, political tension in the Middle East and overall upward momentum in the commodities markets.
Walt Disney 2Q Earnings Climb 19 Percent
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LOS ANGELES (AP) _ Profit at media conglomerate The Walt Disney Co. rose 19 percent in the second quarter on strong ratings at its ABC network and cable channels, and increased attendance at its theme parks.
Cisco Systems 3Q Profit Slips to $1.4B
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SAN JOSE, Calif. (AP) _ Networking gear provider Cisco Systems Inc. saw a slightly lower fiscal third-quarter profit as stock-option expenses ate into higher sales.
Food Companies Court Hispanic Families
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CHICAGO (AP) _ From ``Tony el Tigre″ on Frosted Flakes boxes to a Latin-dance exercise video, Kellogg’s is in hot pursuit of Hispanic grocery shoppers. It’s not alone.
Oil Prices Rise Back Above $70 a Barrel
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WASHINGTON (AP) _ Crude-oil futures rose Tuesday amid persistent concerns over Iran’s nuclear ambitions and after the U.S. government forecast elevated oil prices through 2007.
AOL to Slash 1,300 Customer-Service Jobs
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NEW YORK (AP) _ AOL said Tuesday it has done such a good job of helping its customers help themselves that it is cutting about 1,300 customer-service jobs and closing its Jacksonville, Fla., call center.
Wagoner: Delphi Strike Can Be Avoided
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DETROIT (AP) _ General Motors Corp. Chairman and Chief Executive Rick Wagoner said Tuesday that the automaker has several days’ worth of parts stockpiled in case Delphi Corp. workers go on strike, but he believes a strike can be avoided.
Tyson: U.S. Consumers Confident in Poultry
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SPRINGDALE, Ark. (AP) _ Tyson Foods Inc., the world’s largest meat producer, said Tuesday its tracking surveys have found no drop in U.S. consumer confidence in poultry despite the spread in other parts of the world of a deadly strain of bird flu.
WTO Forms Panel to Examine Airbus Dispute
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GENEVA (AP) _ The World Trade Organization set up a panel on Tuesday to examine what the United States claims are further examples of illegal support by European governments for airplane-manufacturer Airbus.