Business briefs

Published: Wednesday, January 5, 2005 at 6:01 a.m.
Last Modified: Tuesday, January 4, 2005 at 11:22 p.m.

Inflation fears drive stocks sharply lower

  • NEW YORK - New concerns about inflation from the Federal Reserve drove stocks sharply lower Tuesday, adding to a spate of profit-taking that erased nearly a month of Wall Street's gains in the first two sessions of 2005.
    The Dow Jones industrial average fell 98.65, or 0.92 percent, to 10,630.78. The Standard & Poor's 500 index lost 14.03, or 1.17 percent, to 1,188.05, and the Nasdaq composite index tumbled 44.29, or 2.06 percent, to 2,107.86, posting its biggest one-day decline since Aug. 6.

    Busch Gardens lowers state resident tickets

  • TAMPA - Busch Gardens has raised daily admission by $2 but cut back the price of its tickets for Florida residents after a down year in attendance.
    The Tampa theme park raised pre-tax daily admission prices Monday to $55.95 for adults, $45.95 for children 3 to 9.
    The park also raised the price of its Fun Card, good for unlimited visits for one year, by $2 to $61.95 for adults, $51.95 for children.
    Meanwhile, the new Busch Gardens discount for Florida residents is $49.50 for adults, the park's lowest in three years.

    Dollar rises against euro on inflation talk

  • BERLIN - The U.S. dollar gained against the euro Tuesday, with the European currency dropping below $1.33 as dealing picked up after the holiday period.
    The dollar rose following news that Federal Reserve policy-makers suggested at their December meeting that they would continue to push short-term interest rates higher to blunt inflation, according to minutes of the Fed's meeting released on Tuesday.
    Economists predict interest rates will probably go up by another quarter point when the Fed meets next on Feb. 1-2. At the Fed's Dec. 14 meeting, policy-makers boosted the federal funds rate by one-quarter percentage point, marking the fifth increase in this key rate in 2004

    Expectation of tight supply sends oil up

  • Crude oil futures jumped toward $44 a barrel Tuesday as traders appeared to remain concerned about tight supplies of heating oil ahead of the government's next petroleum supply report and as colder weather approached the U.S. Northeast.
    Light sweet crude for February delivery climbed $1.79 to settle at $43.91 on the New York Mercantile Exchange, as February heating oil futures rose 5.44 cents to $1.2466 per gallon. In London, Brent crude for February delivery was up 58 cents to $41.04 per barrel on the International Petroleum Exchange.

    Krispy Kreme restates earnings for FY 2004

  • RALEIGH, N.C. - Amid allegations of padded sales figures, Krispy Kreme on Tuesday restated its earnings for fiscal 2004, sending its shares tumbling more than 17 percent and threatening the once-trendy doughnut maker with a cash and credit crunch.
    In a statement, Krispy Kreme said its revised earnings reports place it in potential default of a $150 million credit line. While the company is negotiating with lenders to avoid being forced to immediately repay almost $91 million in outstanding loans, it warned ''there can be no assurance that the lenders will accede.''
    - Compiled from The Associated Press
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