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NEW YORK - Wall Street advanced for a third straight session Wednesday, although the Dow Jones in... Business briefs...
Falling crude oil prices and an increase in new-home sales had helped investors shrug off a weak durable goods report earlier in the session, putting the Dow just 2.21 points away from the closing record of 11,722.98 it set on Jan. 14, 2000.
Broader stock indicators also moved higher. The Standard & Poor's 500 index rose 0.25, or 0.02 percent, to 1,336.59, and the Nasdaq composite index advanced 2.05, or 0.09 percent, to 2,263.89.
The Commerce Department said Wednesday orders to U.S. factories for large manufactured goods fell for a second straight month in August, the first time in more than two years there has been a consecutive decline. Demand for durable goods dropped 0.5 percent last month to $209.7 billion.
Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.59 percent from 4.58 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices rose.
Five private investigators believed to have masqueraded as journalists and Hewlett-Packard Co. directors and employees to obtain their phone records have been ordered to testify at today's congressional hearing on the affair.
The House committee will be exploring a scandal that has roiled Silicon Valley's largest and oldest technology company, brought federal and state criminal probes, and claimed the company's chairwoman, two directors and two high-level employees. California's attorney general has said he has enough evidence to indict HP insiders and contractors.
Now-deposed Chairwoman Patricia Dunn, in a determined effort to keep board discussions secret, authorized the company leak investigation but has insisted she wasn't aware of the extreme tactics used. Dunn, HP CEO Mark Hurd - who succeeded her as chairman on Friday - and General Counsel Ann Baskins also have agreed to appear at the hearing.
The Commerce Department reported Wednesday that home sales increased by 4.1 percent last month, the best showing since an 8 percent increase last March.
But even with the increase, the median price of a new home fell to $237,000, a drop of 1.3 percent from August 2005. It was the first year-over-year price decline since late 2003.
Earlier, it was reported that sales of existing homes fell for a fifth straight month in August while the median price of an existing home dipped on a year-over-year basis for the first time in more than a decade. Also, construction of new homes and apartments plunged by 6 percent in August.
Late payments on credit card bills edged up this past spring, when high energy prices were squeezing the finances of some people and making it hard to pay bills on time.
The American Bankers Association, in its quarterly survey of consumer loans, reported Wednesday that the percentage of credit card payments 30 or more days past due increased to 4.41 percent in the April-to-June quarter, up slightly from 4.40 percent during the January-March period.
The survey also showed that the delinquency rate on a composite of other types of consumer loans, including auto and certain home equity loans, climbed to 1.96 percent in the second quarter, from 1.94 percent in the first quarter.
Tyson Foods Inc. has agreed to pay $1.5 million to settle allegations that the company discriminated against women and minorities in hiring, the Labor Department said Wednesday.
Allegations of hiring discrimination, which emerged during government compliance evaluations conducted from 2002 through 2004, involved six facilities in Arkansas and Oklahoma.
Tyson Foods said in a statement that company officials had denied the allegations and had stated that there were legitimate reasons for not hiring the applicants. The company said it entered into the settlement to avoid costly and protracted litigation.
The Labor Department's Office of Federal Contract Compliance Programs had alleged that Tyson discriminated against 1,354 female applicants who were rejected for entry-level laborer positions at three chicken processing plants in Arkansas.
The department also found that Tyson discriminated against 998 rejected minority applicants for entry-level laborer positions at chicken processing plants in Arkansas and Oklahoma. The government also alleged that the company discriminated against 225 rejected minority applicants for long-haul driver positions at Tyson's trucking terminal in Arkansas.
MILWAUKEE - Kohl's Corp. announced Wednesday that its department stores will sell Food Network-branded cookware, dinnerware and kitchen gadgets in all its stores and online starting in the fall of 2007.
Kohl's said the partnership with the popular cable television channel, owned by the E.W. Scripps Co.'s Scripps Networks Inc., marks the first national home merchandise launch for Scripps, which also owns HGTV, DIY Network, GAC and Fine Living. Scripps also owns daily and community newspapers, including the Ventura County Star, in 18 markets.
Food Network's celebrity chefs will be involved in marketing the products, which also include kitchen electronics, table linens, cutlery and pantryware, the Menomonee Falls, Wis.-based retailer said.
"This is yet another way Kohl's continues to deliver on our mission of brands, value and convenience while further differentiating in the marketplace," he said.
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