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UPI NewsTrack Business
(UPI Business News Via Thomson Dialog NewsEdge)Inflation fears send U.S. stocks downNEW YORK, May 17 (UPI) -- Prospects of renewed inflation Wednesday hurt U.S. stocks, which fell on all major indexes.
The Dow Jones industrial average was off 214.28 or 1.88 percent to 11,205.61 on a volume of 1.3 billion. The Nasdaq composite fell 33.33 or 1.5 percent to 2,195.80, and the S&P 500 slipped 21.76 or 1.68 percent to 1,270.32.
The Labor Department said April's core consumer price index was up 0.3 percent for the second consecutive month.
The benchmark 10-year Treasury lost 18/32, or $5.63 for each $1,000 invested, to lift the yield to 5.175 percent.
The dollar rose to 109.92 yen from 109.76 as the euro fell to $1.2759 from $1.2857.
Tokyo's Nikkei settled at 16,307.67 on a gain of 149.25 or 0.92 percent, and London's FTSE 100 closed at 5,684.10 after dropping 162.10 or 2.77 percent.
OPEC, like IEA, cuts oil demand outlookVIENNA, May 17 (UPI) -- OPEC, the international oil cartel which is based in Vienna, trimmed its forecast Wednesday for this year's growth in world demand for crude oil.
The Organization of Petroleum Exporting Countries pegged global oil demand growth at 1.4 million barrels per day or 1.7 percent to total 84.6 million barrels per day.
That's a 60,000-barrel-per-day reduction from OPEC's last worldwide growth forecast.
High oil prices have contributed to a slowing of incremental demand mainly in the developed countries, especially for those countries where product subsidies have been reduced, OPEC said in a statement.
Bangladesh GDP set for 6.71 percent hikeDHAKA, Bangladesh - May 17 (UPI) -- Manufacturing in Bangladesh will lift the nation's gross domestic product this fiscal year to a record average 6.71 percent, officials said Wednesday.
The Bangladesh Bureau of Statistics also said that last fiscal year's GDP growth was 5.96 percent, the Daily Star reported.
The country's manufacturing sector, which represents 16.5 percent of the GDP, is currently up 10.47 percent, though that is expected to come down.
Apple continues switch to Intel processorsCUPERTINO, Calif. - May 17 (UPI) -- California's Apple Computer Co. is replacing the IBM processors in all its laptops with Intel chips.
The company said Wednesday on its Web site that the Intel Core Duo is actually two execution cores built into a single chip.
It's the first power-efficient Intel chip born of the new 65-nanometer process, which allows for the creation of transistors so small, you could fit a hundred inside a single human cell, Apple said. With two powerful processors designed to share resources and circuitry so unimaginably small, Intel Core Duo achieves far higher levels of performance while actually consuming less power.
Apple said most existing Apple applications will run on Intel-based MacBook.
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