AP Financial News Summary at 4:29 p.m. EDT
Dow Ends Down 134, Nasdaq Closes Down 25
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NEW YORK (AP) _ Corporate profit warnings and record oil prices overshadowed a benign jobs creation report and sent stocks sharply lower Friday as investors worried that the economy was cooling too quickly. The Dow Jones industrials shed 134 points as stocks ended the week with a loss.
Payrolls Climb in June; Wages Increase
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WASHINGTON (AP) _ U.S. employers added a disappointing 121,000 jobs last month, wary of bulking up payrolls with the economy slowing and energy prices rising. Wages rose sharply, fanning inflation worries.
Oil Prices Ease for 2nd Consecutive Day
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WASHINGTON (AP) _ Oil prices eased for the second day in a row on Friday after briefly hitting record territory above $75 a barrel on geopolitical tensions and rising gasoline demand.
GM Board Decides to Explore Alliance
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DETROIT (AP) _ General Motors Corp.’s board has decided to explore an alliance with Renault SA and Nissan Motor Co., bowing to pressure from dissident billionaire shareholder Kirk Kerkorian who has chafed over the pace of the turnaround plan at the world’s biggest automaker.
Coke Re-Evaluates Trade Secret Protection
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ATLANTA (AP) _ It wasn’t locked up in a bank vault like the recipe for its flagship soda brand. Instead, prosecutors say a new product sample at the heart of a corporate espionage case that erupted this week at The Coca-Cola Co. was accessible to a secretary.
Evacuees Encounter Obstacles in Job Hunt
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HOUSTON (AP) _ In the middle of a Tuesday afternoon, Katrina evacuee Samuel Smith sits on a donated futon and watches a borrowed television in a subsidized apartment the Federal Emergency Management Agency has provided for six months. The unemployed truck driver just started looking for work.
Skilling to Attend Private Lay Memorials
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HOUSTON (AP) _ Family and friends, including co-defendant Jeffrey Skilling, will attend private memorial services for Kenneth Lay in Houston and in Aspen, Colo., where the Enron Corp. founder died suddenly on Wednesday awaiting sentencing for his role in one of the biggest business debacles ever.
3M Shares Decline on 2Q Earnings Warning
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MINNEAPOLIS (AP) _ 3M Co., the diversified maker of Scotch tape and films for computer and television screens, warned on Friday that its second-quarter earnings will fall below previous expectations, hurt by lower sales volumes. Its shares sank on the news.
RadioShack Names Day CEO; Shares Advance
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DALLAS (AP) _ Electronics retailer RadioShack Corp. named Julian Day chief executive Friday in hopes the man who pulled Kmart out of bankruptcy can now revive the struggling company that’s being squeezed by Best Buy and Circuit City.
Koreas Build Ties Despite Missile Testing
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SEOUL, South Korea (AP) _ Just a few hours after North Korea’s missile tests, hundreds of South Korean tourists boarded buses for a mountain resort on North Korea’s east coast less than 60 miles south of one of the reported launch sites.