Business briefs

Published: Wednesday, January 14, 2004 at 6:01 a.m.
Last Modified: Wednesday, January 14, 2004 at 12:06 a.m.

Wall Street declines as investors take profits

  • NEW YORK - Stock prices retreated Tuesday as investors, worried that fourth-quarter earnings might not meet heightened expectations, decided to cash in some of their recent profits.

    Analysts said the selling reflected concerns about whether upcoming earnings reports would justify the market's recent surge. The anxiety overshadowed Federal Reserve Chairman Alan Greenspan's comments that the weakening U.S. dollar and disappointing jobs data were not barriers to the economic recovery.

    The Dow Jones industrial average closed down 58.00, or 0.6 percent, at 10,427.18.

    Broader stock indicators also fell. The Standard & Poor's 500 index slipped 6.01, or 0.5 percent, to close at 1,121.22, and the Nasdaq composite index lost 15.34, or 0.7 percent, to 2,096.44.

    - The Associated Press

    Burger King serves up Whopper without bun

  • DES MOINES, Iowa - Burger King Corp. is joining the low-carbohydrate parade by offering bunless Whopper hamburgers and, soon, salads featuring steak, chicken and shrimp.

    The bunless sandwiches, which will be available nationwide beginning Tuesday, will come in plastic salad bowls, with knife and fork. Dieters also will be able to order Whopper meals that substitute salads for French fries and bottled water for soft drinks.

    - Dow Jones/AP

    Price of oil briefly tops $35 a barrel, then falls

  • The price of oil briefly surpassed $35 a barrel on Tuesday, then retreated sharply on expectations that upcoming inventory reports would show a small increase in supplies.

    With supplies at record lows and another cold spell expected later this week in the Northeast, the February futures contract initially rose as high as $35.20 a barrel on the New York Mercantile Exchange. The contract settled at $34.43. The last time the front-month futures contract settled above $35 was March 14, roughly one week before the invasion of Iraq.

    - The Associated Press

    Greenspan warns of trade protectionism

  • WASHINGTON - Federal Reserve Chairman Alan Greenspan renewed a warning Tuesday that ''creeping protectionism'' could hurt the flexibility of the global economy, something that has played an important role in helping the United States and other countries weather economic hard times.

    ''Some clouds of emerging protectionism have become increasingly visible on today's horizon,'' Greenspan said in a speech delivered in Berlin at an event sponsored by Germany's central bank.

    ''The costs of any new protectionist initiatives . . . could significantly erode the flexibility of the global economy,'' Greenspan added. ''Consequently, it is imperative that creeping protectionism be thwarted and reversed.''

    - The Associated Press

    Kodak says it will stop making APS cameras

  • ROCHESTER, N.Y. - As digital cameras rise swiftly in popularity, Eastman Kodak Co. is halting production of Advanced Photo System cameras, a much-ballyhooed format launched in 1996 to rekindle interest in consumer photography.

    Citing declining demand and poor financial returns, Kodak said Tuesday it will stop manufacturing reloadable APS cameras by the end of 2004 but will continue to make, and upgrade, APS film and one-time-use cameras.

    - The Associated Press

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