Business Briefs

Falling oil prompts 2% skid in stocks

NEW YORK — Falling oil prices are becoming another sign of investors' deflating hopes for a speedy economic recovery. Major stock indexes skidded about 2 percent Tuesday as crude fell for the fifth straight day.

Falling oil prices can help the economy by reducing costs, but investors are looking to the latest slide as a prediction that demand for energy and basic materials will remain weak as the recession lingers. The Dow Jones industrial average fell to its lowest close since late April.

Trading volume remained light amid a dearth of news about the economy this week and as investors await the beginning of the second-quarter earnings season, which starts today with metal maker Alcoa but won't pick up speed until next week.

Stocks have drifted lower in recent days as the market's confidence about the economy took hits from a poor jobs report for June, waning consumer confidence and plunging commodities prices.

Delta hits 75 years of local air service

Delta Air Lines celebrated its 75th anniversary in Charleston on Tuesday with a ticket-counter party. Despite capacity-cutting and reductions in international flights, the company recently added seasonal nonstop service between Boston and Charleston International Airport, bringing Delta's total number of daily flights to 23.

"We are as pleased in 2009 to have Delta as the cornerstone of operations at the Charleston International Airport as I'm sure they were in 1934 the cornerstone of the Charleston Municipal Airport," said David Jennings, chairman of the Charleston County Aviation Authority.

Past-due debts rise because of jobless rate

NEW YORK — A banking group said consumer loan delinquencies rose to another record high in the first quarter.

The American Bankers Association said Tuesday a continued rise in unemployment has been the main culprit for the continued rise in delinquencies.

The trade association said the composite delinquency rate among eight types of closed-end installment loans rose to 3.23 percent. That is the highest recorded since the ABA began tracking the rate in the mid 1970s and tops the previous record of 3.22 percent set in the last quarter of 2008.

The ABA said credit card delinquencies also moved higher.

"Delinquencies won't improve until companies start hiring again and we see a significant economic turnaround." James Chessen, the ABA's chief economist, said in a statement.

Auto parts maker files to restructure

NEW YORK — Automotive parts supplier Lear Corp. filed for bankruptcy protection Tuesday after receiving support from lenders and bondholders to reorganize its business.

The move had been expected from the Southfield, Mich.-based maker of vehicle seats and electronics, which missed an interest payment on its bond debt last week and revealed its intention to seek bankruptcy protection from its creditors.

Lear listed $1.27 billion in assets and $4.54 billion in liabilities. Subsidiaries outside the United States and Canada are not part of the filings, the company said.