Stock market pulls back from its record highs
NEW YORK — The stock market pulled back from record levels Thursday as investors became harder to please.
Even a decline in the number of Americans applying for unemployment benefits was unable to give stock prices a boost. While the report didn’t help stocks, it did give the dollar a lift. The U.S. currency climbed against most major currencies.
The Dow Jones Industrial average fell 22.5 to 15,082.62. The S&P 500 dropped 6.02 to 1,626.67. The Nasdaq fell 4.10 to 3,409.17.
Kemet’s 4Q loss widens; 200 jobs to be eliminated
GREENVILLE — Electronic capacitor maker Kemet Corp. said Thursday its fiscal fourth-quarter loss widened and announced the elimination of about 202 jobs to cut costs. The Greenville-based company’s loss was significantly larger than Wall Street expected.
Kemet said the affected jobs represent 2 percent of its workforce and are in 10 countries.
Sears launches a new electronics lease program
NEW YORK — Sears is launching a program at its namesake department stores that will allow financially strapped shoppers unable to qualify for credit to lease electronics, home appliances, furniture and mattresses.
The program, which was tested in 10 stores, is being rolled out to all 900 stores starting this week. To qualify for the program, a candidate must be 18, earn $1,000 or more a month and have a Social Security or tax ID number.
YouTube’s pay service to feature campy flicks
LOS ANGELES — Roger Corman’s campy B movies and children’s shows like “Sesame Street” and “Inspector Gadget” are among the offerings on 30 channels that will soon require a paid monthly subscription on YouTube. It’s the first time YouTube will introduce all-you-can-watch channels that require a monthly fee. The least expensive channel will cost 99 cents a month, but the average price is around $2.99.
Tesla’s pricey Model S ties for highest rating ever
DETROIT — The Tesla Model S electric car has tied an older Lexus for the highest score ever recorded in Consumer Reports magazine’s automotive testing.
The Model S, which starts at $62,400 after a federal tax credit, scored 99 points on a scale of 100 in a battery of tests.
“It accelerates, handles and brakes like a sports car. It has the ride and quietness of a luxury car and is far more energy-efficient than the best hybrid cars,” Jake Fisher, the magazine’s director of automotive testing, said Thursday.
The magazine tested an $89,650 model equipped with an 85 kilowatt-hour lithium ion battery that is larger than a standard battery. The car went from zero to 60 mph in 5.6 seconds.
Average on 30-year mortgage up to 3.42%
WASHINGTON — Average U.S. mortgage rates rose this week but remained near historic lows. Mortgage buyer Freddie Mac said Thursday the average for the 30-year fixed mortgage edged up to 3.42 percent, from 3.35 percent. The average on the 15-year fixed-rate loan rose to 2.61 percent, from 2.56 percent.
Angus burgers lopped from McDonald’s menus
NEW YORK — McDonald’s is cutting the Angus burger from its menu. The chain had said earlier that it was evaluating whether to continue selling the Angus Third Pounders, which were introduced in 2009. It said the Angus burgers “may still play a future role on our menu.”
The company also said it was cutting Chicken Selects and Fruit & Walnut Salad as it looks to keep up with shifting tastes.