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AP Business NewsBrief at 7:32 p.m. EDT
(AP Online Via Acquire Media NewsEdge) Stocks fall on inflation data, financial worriesNEW YORK (AP) _ Wall Street fell sharply for a second straight session Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reason to believe an economic recovery is far off. The Dow Jones industrial average dropped 130 points. The Labor Department said its Producer Price Index rose by 1.2 percent in July, more than double the expected rate, and lifting the current annual rate to the loftiest level in 27 years. Even after stripping out food and energy, core prices rose by a higher-than-expected 0.7 percent, the biggest increase since November 2006.
Oil rises above $114 after dollar weakens vs euroNEW YORK (AP) _ Oil prices rebounded Tuesday, jumping back above $114 barrel after the dollar weakened against the euro and a rally in heating oil pulled new buyers into energy markets. Light, sweet crude for September delivery rose $1.66 to settle at $114.53 on the New York Mercantile Exchange, after alternating between positive and negative territory earlier in the day. The September contract expires Wednesday, adding to the volatility.
Hewlett-Packard 3Q profit jumps 14 pctSAN FRANCISCO (AP) _ Hewlett-Packard Co.'s fiscal third-quarter profit jumped 14 percent, beating Wall Street's expectations, as strong laptop sales and a robust international presence lifted the technology bellwether. The Palo Alto-based company's results, reported after the market closed Tuesday, signaled that HP is still holding its ground as the world's No. 1 seller of personal computers even with stronger competition from Dell Inc. and Apple Inc. and aggressive price cuts.
Wholesale prices rising at fastest pace since 1981WASHINGTON (AP) _ Wholesale inflation soared in July, leaving prices rising at the fastest pace in nearly three decades. While recent declines in oil and other commodity prices raise hopes inflation may have peaked, some economists worry about the widespread nature of the July price surge and caution it will take more time for that pressure to ease on Wall Street and Main Street. The Labor Department reported Tuesday that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy and a variety of other products from motor vehicles to plastic goods.
2Q profit reports from retailers show more strainNEW YORK (AP) _ From affluent shoppers at Saks to bargain-hunters at Target, from Home Depot to office supplier Staples, consumers are pulling back and that's hurting retailers and raising more concerns about how they'll do the rest of the year. The latest round of second-quarter reports show more signs of financial stress on shoppers, as Target's customers stick to necessities and have trouble making their credit card payments. Saks says it's now seeing its high-end designer consumer cut back, whereas previously it was only the aspirational customers who were the ones retrenching.
GM offers employee discount to all on 2008 modelsNEW YORK (AP) _ General Motors Corp. said Tuesday it will extend employee discounts to everyone on almost all of its 2008 and some of its 2009 models as it seeks to clear its remaining inventory of 2008 vehicles. The Detroit automaker said it will offer employee prices on all 2008 vehicles except its medium-duty trucks. It will also extend the incentive on a handful of 2009 models.
California home sales surged in July, prices fellLOS ANGELES (AP) _ California homebuyers sprung to life in July, pouncing on foreclosed homes and deeply discounted properties but largely ignoring pricier homes that have been languishing on the market, a research firm said Tuesday. Buyers drove sales up more than 12 percent from July 2007, resulting in the biggest jump in sales in four years, according to MDA DataQuick.
FDA warns General Electric over lax record keepingWASHINGTON (AP) _ Federal regulators have warned General Electric Co. over lax quality control standards at a plant that makes computer software for medical imaging. The warning letter from the Food and Drug Administration released Tuesday lists a dozen record-keeping violations uncovered at a GE facility in Barrington, Ill., between April and May.
General Dynamics to buy Jet Aviation for 2.25BWASHINGTON (AP) _ General Dynamics Corp. said Tuesday it will buy Jet Aviation for about $2.25 billion in cash, part of the defense contractor's push to expand its private civilian jet business and tap into robust demand for luxury planes overseas. With the purchase, General Dynamics pairs its existing private aircraft maker, Gulfstream, with Jet Aviation's global network of maintenance and service centers that can fix planes and outfit them with custom features for wealthy customers or cash-rich governments.
Apple says battery problem caused iPod overheatingSEATTLE (AP) _ Apple Inc. said Tuesday that batteries from a single supplier are to blame for the meltdown of some models of its tiny iPod Nano digital music player. The company's written statement came in response to a Japanese government report that two iPod Nanos overheated in Tokyo, scorching nearby paper and a woven straw mat.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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