Business Briefs
Stocks stage rally on falling oil prices
NEW YORK — Wall Street closed higher Tuesday after another drop in oil prices encouraged investors to set aside financial sector worries.
Stocks initially fell on uneasiness about the housing downturn and credit crisis. But a $3 drop in oil, which took crude's decline in recent weeks to nearly $20 a barrel, persuaded some investors to buy stocks.
The Dow Jones industrial average rose 135.16, or 1.18 percent, to 11,602.50. The S&P 500 gained 17.00, or 1.35 percent, to 1,277.00. The Nasdaq composite index rose 24.43, or 1.07 percent, to 2,303.96.
Carolina First bank owner posts loss
Stung by Florida's mortgage crisis, Greenville-based South Financial Group Inc., owner of Carolina First bank, reported a second-quarter loss of $16.8 million, or 23 cents a share, on Tuesday. That compared to a profit of $17.9 million, or 24 cents a share, in the same quarter last year.
Regions Financial's profit down 55%
BIRMINGHAM, Ala. — Regions Financial Corp. said Tuesday its second-quarter profit dropped 55 percent, below Wall Street forecasts, as it set aside more than $300 million to cover bad loans. For the quarter ended June 30, the bank reported net income of $206.4 million, or 30 cents a share.
Foreign sales drive Cat's bottom line
PITTSBURGH — Caterpillar Inc.'s second-quarter profit jumped 34 percent as stronger sales in developing countries outpaced slowing growth in North America and higher raw material and freight costs.
The maker of heavy equipment reported a profit of $1.11 billion, or $1.74 a share. Revenue rose 20 percent to $13.62 billion. Caterpillar owns Summerville-based auto parts maker Williams Technologies.
DuPont gets boost from foreign markets
WILMINGTON, Del. — Chemical maker DuPont said Tuesday that strong agriculture sales and international markets helped fuel an 11 percent rise in second-quarter profit by helping offset weak domestic housing and auto markets.
DuPont said it earned $1.08 billion, or $1.18 a share. Net sales rose 12 percent to $8.83 billion. DuPont, which has a large chemical plant in Goose Creek, said it expects earnings in the second half of 2008 to decline from a year earlier.
Ford might retool to focus on small cars
DETROIT — Ford Motor Co. plans to bring six small vehicles to the U.S. market from overseas to meet growing demand for more fuel- efficient options. A person briefed on the plans also said Ford will revamp some U.S. plants to produce more small cars.
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