Business Briefs

Economic reports send stocks lower

NEW YORK — Stocks retreated again Friday after readings on jobs and manufacturing — the first reports of the third quarter — indicated that businesses and workers still face a tough economy.

A massive quarterly loss at General Motors Corp. and rising oil prices also gave investors reason to trade cautiously.

The Dow Jones industrial average fell 51.70, or 0.45 percent, to 11,326.32. The S&P 500 lost 7.07, or 0.56 percent, to 1,260.31. The Nasdaq composite index fell 14.59, or 0.63 percent, to 2,310.96.

For the week, the Dow was down 0.39 percent, the S&P 500 rose 0.21 percent and the Nasdaq gained 0.02 percent.

Protected Vehicles to be auctioned

Bankrupt armored vehicle maker Protected Vehicles Inc. is putting itself up for auction, and the owner of firetruck maker American LaFrance has put in a reserve bid for the North Charleston company.

U.S. Bankruptcy Court Judge David R. Duncan on Thursday approved Protected Vehicles' request to put its assets up for bids. The auction is scheduled for 10 a.m. Aug. 21 at the Mills House Hotel in downtown Charleston.

PVI Acquisition LLC, owned by Patriarch Partners LLC of New York, has put in a bid of $5 million for the company's assets.

Patriarch is the current owner of Summerville-based American LaFrance, which also underwent bankruptcy proceedings earlier this year.

Iran worries push oil prices higher

NEW YORK — Oil prices rose slightly Friday, pushing back above $125 a barrel as the threat of a conflict with Iran rattled energy markets after a week of wild swings.

The gains, however, were limited by a lingering belief that fuel prices are still too high for cash-strapped Americans, who are cutting back on driving to save money, reducing demand for gasoline.

Front-month crude futures jumped more than $4 during trading to a high of $128.60 a barrel on the New York Mercantile Exchange before easing back later to settle at $125.10, up $1.02.

FDA rejects drug, surprises Schering

WASHINGTON — Government regulators dealt a major setback to Schering-Plough Corp., rejecting a highly anticipated drug to help patients recover from anesthesia.

The Food and Drug Administration told the company Thursday that it will not approve sugammadex, because of concerns about allergic reactions seen in some patients, according to a company statement.

Schering said in a statement Friday it was "surprised and disappointed" by the decision but would "work with the agency to address the issues."

IndyMac parent files bankruptcy

NEW YORK — IndyMac Bancorp Inc., former holding company of the California mortgage lender seized last month by the Federal Deposit Insurance Corp., has filed for Chapter 7 bankruptcy protection.

Chapter 7 means the business is untenable and will be liquidated to help pay off its creditors. The filing was Thursday.

IndyMac Bank, which now operates as IndyMac Federal Bank following its removal from the holding company July 11, no longer has any affiliation with IndyMac Bancorp.