AP Financial News Summary at 6:29 p.m. EST
Wall Street Has Worst Day in 4 Months
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NEW YORK (AP) _ Wall Street had its worst day in more than four months Monday as the dollar weakened and concerns about the strength of the retail industry arose following a rare sales decline at Wal-Mart Stores Inc. The Dow Jones industrials fell 158 points.
Online Shopping Season Begins With Deals
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NEW YORK (AP) _ After jamming malls on Friday for discounted flat-screen TVs and toys, shoppers clicked onto their computers at work Monday as retailers ushered in the start of the online shopping season with bargains and marketing hype.
Ford to Get About $18B in Financing Help
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DETROIT (AP) _ Ford Motor Co. said Monday it plans to get about $18 billion in financing to help fund its restructuring and make up for anticipated losses in its automotive operations over the next two years.
Wal-Mart Plans Banking Service in Mexico
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MEXICO CITY (AP) _ Wal-Mart Stores Inc. announced Monday that it plans to offer banking services in Mexico in the second half of 2007. Eduardo Solorzano, the president of Wal-Mart de Mexico, or Walmex, also said in a conference call with media that the company will initially finance its banking business with its own capital.
Oil Prices Settle Above $60 a Barrel
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NEW YORK (AP) _ Oil prices rose more than $1 a barrel Monday after an attack on an oil facility in Iraq and after Saudi Arabia’s oil minister said OPEC might decide to cut output again when it meets next month.
Dollar Falls Versus Euro, Yen
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NEW YORK (AP) _ The dollar weakened to a new 20-month low against the euro Monday, as traders bet the gap between European and U.S. interest rates will keep narrowing.
Supreme Court Sides With Philip Morris
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EDWARDSVILLE, Ill. (AP) _ The U.S. Supreme Court on Monday let stand a ruling that dismissed a $10.1 billion verdict against Philip Morris USA, ending a case that became a windfall for the county where it originated but helped feed its reputation as a ``judicial hellhole.″
Mesaba Unions Aprrove New Contracts
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BLOOMINGTON, Minn. (AP) _ Unions at Mesaba Aviation Inc. said Monday they have approved new concessionary contracts with the bankrupt airline, a Northwest Airlines feeder.
Palm Slashes 2Q Earnings Targets
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SAN JOSE, Calif. (AP) _ Palm Inc. on Monday slashed its fiscal second-quarter earnings targets, blaming a delay in the U.S. launch of a new Treo smart phone.
Short on Hands, Railroads Amp Recruiting
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BOONE, Iowa (AP) _ The hours are irregular and the work means long days away from home, but 22-year-old Brady Foster is following in his father’s footsteps and signing on with the railroad.