Dow, S&P fall on news of U.S., European jobs data
NEW YORK — Stocks fell Wednesday, dragging the Dow Jones industrial average down from the highest level since 2007, as data showed companies added fewer jobs than projected and euro-region unemployment rose to a 15-year high.
U.S. companies added 119,000 workers in April, the fewest in seven months, according to a private report. The survey intensified concern that Labor Department data Friday will show that the U.S. isn’t growing fast enough. Concerns about Europe’s economy also helped drive stocks lower.
The Dow dropped 10.75, or 0.1 percent, to 13,268.57.
The S&P 500 slid 0.3 percent to 1,402.31.
The Nasdaq edged up 0.3 percent to 3,059.85 as Apple shares rebounded.
Verizon adds cell sites in Charleston market
Verizon Wireless said Wednesday it has added 58 new cell sites in the Charleston region to provide customers with better reception, fewer dropped calls and more coverage.
Verizon said it invested more than $165 million statewide in its network last year, bringing the total investment in the state to more than $1 billion since it was formed in 2000.
Target is phasing out sales of Kindle e-reader
NEW YORK — Target is phasing out Amazon.com’s e-reader Kindle at its more than 1,700 stores and its website.
The decision to stop selling Kindles and related accessories came after an “ongoing review” of merchandise that evaluates quality and prices, a Target spokeswoman said Wednesday. The move coincides with the discounter’s plan to create mini shops of Apple products in 25 stores this year.
Boeing: 737’s winglet saves 1.5% more fuel
SEATTLE — Boeing Co. announced a new twist Wednesday to its design for the forthcoming 737 MAX jet — a raked, “dual feather” winglet concept it said will provide an extra 1.5 percent gain in fuel efficiency.
That’s on top of the 10 to 12 percent fuel-burn improvement over the current 737 that Boeing has claimed for the MAX.
Renderings show the wingtip swept slightly backward, or raked, and with a tip that splits in two. Winglets in general add extra surface without extending the overall wing span. By so doing, they increase lift while reducing drag.
Caremark’s first-quarter profit jumps 9 percent
NEW YORK — CVS Caremark gained millions of new prescriptions in the first quarter because of a contract impasse between two rivals, and now the chain wants to keep the growth going by ensuring that those customers stick around.
The company said Wednesday its first-quarter earnings climbed 9 percent, and it raised its forecast for 2012 because the end of a contract between Walgreen and Express Scripts prompted Walgreen customers to migrate to CVS.
CVS estimated that it filled 5.7 million to 6.5 million additional prescriptions in the first quarter because of the dispute.
U.S. factory orders fell by most in three years
WASHINGTON — Demand for U.S. factory goods dropped in March by the most in three years, driven lower by a sharp fall in volatile orders for commercial aircraft. Still, more recent data suggest the decline may be temporary.
The Commerce Department said Wednesday orders fell 1.5 percent, the steepest drop since March 2009. A key reason for the drop was aircraft orders plummeted.
Other data suggest the decrease won’t endure. A survey released Tuesday found manufacturing activity grew in April at the fastest pace in 10 months.
Staff and wire reports