Dow extends slide on fears of problems in Greece
NEW YORK — U.S. stocks declined Tuesday, with the Dow industrials ending near a four-month low, as economic reports failed to deflect the latest breakdown in Greece’s attempts to form a coalition. The Dow Jones industrial average extended a slide that has wiped out nearly 5 percent of its value in two weeks
The Dow closed down 63.35, or 0.5 percent, at 12,632.00. The S&P 500 index finished down 7.69, or 0.6 percent, at 1,330.66. The Nasdaq index fell 8.82, or 0.3 percent, to 2,893.76.
UEC Electronics lands $9.3 million SPAWAR job
The Space and Naval Warfare Systems Center Atlantic has awarded Hanahan-based UEC Electronics an estimated $9.3 million contract, it was announced this week. The contract for parts and technical services runs through May 2013. The work will be performed in Hanahan.
CEO of JPMorgan faces shareholders after loss
TAMPA, Fla. — JPMorgan Chase CEO Jamie Dimon offered a quick but blunt apology to shareholders Tuesday for a $2 billion trading loss that “should never have happened,” and he survived a push to strip him of the title of chairman of the board.
The loss, disclosed Thursday, rattled investor confidence in the largest bank in the U.S. and in the ability of Wall Street to fight regulatory changes after the 2008 financial crisis.
Americans spend a bit more as gas prices decline
WASHINGTON — Americans are starting to see some relief from higher gas prices, a change that could revive the economy in the months ahead.
Sales of autos, furniture and electronics rose in April, and Americans also spent more at restaurants and bars, generally a sign of confidence in the economy. Despite the strength in key areas, overall retail sales increased just 0.1 percent last month, the Commerce Department said Tuesday.
J.C. Penney posts wider loss, will shed 20-cent dividend
NEW YORK — J.C. Penney Tuesday reported a bigger-than-expected loss and plummeting profits in the first quarter as many of its customers are rejecting a new bold pricing strategy that puts an end to rampant discounting in favor of everyday low prices.
The chain said it lost $163 million in the quarter ended April 28. That compares with a profit of $64 million in the year-ago period. Revenue dropped 20 percent to $3.15 billion. Separately, the company said it will be discontinuing its quarterly dividend of 20 cents a share.
Hendrick BMW to take part in effort for Olympics
Motorists can get behind the wheel of a BMW or other models Thursday in Charleston while bolstering the aspirations of American athletes. Rick Hendrick BMW is hosting a “Drive for Team USA” event from 11 a.m. to 6:45 p.m. at the 1815 Savannah Highway.
For every driver who takes part, BMW will make donations to Team USA’s Olympic and Paralympic organizations. Those groups are sending teams to this summer’s Olympic Games in London.
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