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AP Financial News Summary at 5:50 p.m. EDT

June 30, 2004

Stocks End Higher on Interest Rate Hike

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NEW YORK (AP) _ Wall Street ended the first half of 2004 with a moderate advance Wednesday as the Federal Reserve’s widely expected interest rate hike allowed investors to put weeks of uncertainty behind them.

Fed Raises Interest Rate a Quarter Point

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WASHINGTON (AP) _ The Federal Reserve on Wednesday raised interest rates for the first time in four years, reversing course as the economy strengthened. Policy-makers signaled only slow increases ahead in the rock-bottom rates Americans have enjoyed.

Court Approves Microsoft Deal With U.S.

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WASHINGTON (AP) _ A U.S. appeals court on Wednesday unanimously approved the landmark antitrust settlement Microsoft Corp. negotiated with the Justice Department, setting aside objections by Massachusetts that sanctions were inadequate against the world’s largest software company.

Freddie Mac Earnings Off 52 Pct. in 2003

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WASHINGTON (AP) _ Mortgage giant Freddie Mac saw its earnings plummet 52 percent last year amid volatile interest rates and losses as it hedged against risk while grappling with an accounting crisis.

United Raises Fares on Int’l Flights

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CHICAGO (AP) _ United Airlines announced a 5 percent fare hike Wednesday on most flights to international destinations from the United States, citing rising fuel costs as the reason.

Jurors Still Undecided in Adelphia Case

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NEW YORK (AP) _ Jurors failed to reach a verdict Wednesday in their third day of deliberations at the federal fraud trial of four former Adelphia Communications Corp. executives.

General Mills 4Q Earnings Up 24 Percent

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MINNEAPOLIS (AP) _ General Mills Inc. reported its earnings rose 24 percent in its fourth quarter despite higher commodity prices, but lowered its projections for sales and earnings in 2005 and 2006.

Goodyear Shareholders Re-Elect Keegan

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AKRON, Ohio (AP) _ Signaling confidence in financially struggling Goodyear Tire & Rubber Co., shareholders overwhelmingly re-elected its chairman Wednesday to another three-year term.

Taser Wins $1.8 Million Stun Gun Contract

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PHOENIX (AP) _ Taser International Inc. won a $1.8 million contract to provide stun guns to military personnel _ the company’s largest ever order.

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