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AP Financial News Summary at 6:48 p.m. EDT

May 12, 2006

Dow Ends Down 120, Nasdaq Ends Down 29

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NEW YORK (AP) _ Stocks faced a second day of steep losses Friday as the dollar weakened and bonds prices fell after data showing higher import prices stoked the market’s inflation worries. The major indexes declined sharply this week.

U.S. Narrows Trade Gap to $62B in March

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WASHINGTON (AP) _ For the first time in more than two years, the U.S. trade deficit has declined for two months in a row. The main reasons: record U.S. exports and a big drop in the country’s foreign oil bill.

Gas Prices Tumble to Near One-Year Low

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WASHINGTON (AP) _ Natural gas futures declined to their lowest level in almost a year on Friday amid soaring inventories of the mostly domestic fuel used to heat homes and produce electricity.

U.S. Wants to Extend Microsoft Oversight

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WASHINGTON (AP) _ Citing Microsoft Corp.’s lapses under part of a landmark antitrust settlement, the Justice Department said Friday it wants to extend by two years its oversight of some of the company’s business practices until at least November 2009.

Verizon Sued for Giving NSA Phone Records

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TRENTON, N.J. (AP) _ Two New Jersey public interest lawyers sued Verizon Communications Inc. for $5 billion Friday, claiming the phone carrier violated privacy laws by turning over phone records to the National Security Agency for a secret government surveillance program.

Gold Mining Companies Enjoy Rising Prices

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DAKAR, Senegal (AP) _ With oil soaring to new highs and the U.S. dollar back down, investors are looking to the usual haven: gold.

Number of Fungal Eye Infection Cases Rises

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ROCHESTER, N.Y. (AP) _ The number of confirmed cases of a rare fungal eye infection that can cause blindness has climbed to 122, most of them contact-lens wearers who reported using Bausch & Lomb Inc.’s newest lens cleaner, federal authorities said Friday.

General Motors to End Hummer H1 Production

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DETROIT (AP) _ Get ready to say goodbye to the Hummer H1, the hulking, gas-guzzling status symbol that has attracted celebrities and off-road enthusiasts but has drawn the ire of environmentalists.

Kozlowski to Settle Tax Case for $21.2M

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NEW YORK (AP) _ Former Tyco CEO L. Dennis Kozlowski agreed Friday to pay $21.2 million to settle a New York state tax case related to his grand larceny conviction for looting the company.

Scruggs Takes Up Katrina Cause in Miss.

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MOSS POINT, Miss. (AP) _ A private jet is waiting for Richard Scruggs, but first the millionaire lawyer wants to squeeze in a quick lunch. Smiles and nods greet him as he walks into Lu-Cher Doe’s Diner, a soul food restaurant down the street from his law office.

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