AP Financial News Summary at 4:25 p.m. EDT
Dow Skids, Ends Off 124 on Economic Report
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NEW YORK (AP) _ Stocks fell hard for a second day Wednesday, with the Dow Jones industrial average losing more than 123 points after a surprisingly weak reading on the service sector of the economy raised concerns about the continuing impact of higher energy prices.
Economy Gets Another Inflation Warning
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NEW YORK (AP) _ The economy received another inflation warning on Wednesday, when a survey of industry executives showed that energy costs drove prices higher in September while the services sector slowed. The report reinforced expectations that the Federal Reserve would continue to raise rates as the economy struggles with rising fuel costs aggravated by Hurricane Katrina.
Oil Hits Two-Month Low on Falling Demand
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The price of oil fell to its lowest level in two months on Wednesday as evidence builds that the high cost of gasoline and other fuels is sapping demand.
Lawyers: Merck Touted Vioxx Despite Risks
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ATLANTIC CITY, N.J. (AP) _ Lawyers for the Idaho postal worker who blames Vioxx for his 2001 heart attack sparred Wednesday with the Merck & Co. executive who promoted the arthritis drug.
Motorola Will Cut 1,900 Jobs Worldwide
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SCHAUMBURG, Ill. (AP) _ Motorola Inc. is cutting 1,900 jobs at 29 different U.S. and international locations in an effort to improve operating efficiency, the company said Wednesday.
BofA Lets Customers Keep Change in Savings
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CHARLOTTE, N.C. (AP) _ Bank of America Corp., one of the nation’s biggest financial institutions, has unveiled a plan to make it easier _ and potentially more rewarding _ to start putting money aside.
Apple Expected to Unveil Video-Enabled IPod
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SAN FRANCISCO (AP) _ A new video-enabled iPod is expected to be unveiled by Apple Computer Inc. during a press conference next week _ though the maverick company is masterful at foiling such predictions.
Incoming DaimlerChrysler CEO’s Wife Fined
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BLOOMFIELD HILLS, Mich. (AP) _ Gisela Zetsche, the wife of incoming DaimlerChrysler AG Chief Executive Dieter Zetsche, was fined $500 and ordered to pay $2,500 in court costs Wednesday for her role in hosting a party at which more than 20 underage drinkers were ticketed.
Katrina Bankruptcy Filers to Get Leeway
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WASHINGTON (AP) _ People filing for bankruptcy who were affected by Hurricanes Katrina and Rita will get some leeway in meeting requirements of a strict new law.
Viacom Details Terms of Company’s Split
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NEW YORK (AP) _ Shareholders of Viacom Inc. will get half a share of the new Viacom and half a share of CBS Corp. for each share they currently hold when the media conglomerate splits itself into two companies, the company said Wednesday.