Business Briefs

Economic anxiety weighs on Wall Street

NEW YORK — Stocks finished mostly lower after zigzagging Wednesday as a mixed outlook on the economy from the International Monetary Fund and falling commodity prices added to a downbeat mood.

Another tumble in oil prices dragged energy shares lower and reflected concerns that demand for resources will remain weak as the economy struggles.

Stocks drew some support from a strong auction of 10-year Treasury notes. That helped allay one of the market's recent worries, that the government would have trouble finding enough buyers for the massive amount of debt it is issuing.

Investors also flocked to the safety of government debt because they are worried about the economy.

After sending stocks soaring this spring on the belief that the economy was turning around, investors have put their buying on hold since mid-June as several pieces of disappointing economic data eroded the case for a quick recovery.

Metal business to expand, add jobs

A Summerville-based metal fabrication business will invest $2.3 million and hire 25 workers over the next five years as part of an expansion of its operations, the state Commerce Department said Wednesday.

Metalworx Inc. said it will build a 24,000-square-foot facility that will enable it to streamline processes and add capabilities. It will be built next to the company's plant on Deming Way.

The company provides machining and fabricating services to the medical, steel, military, automotive and other industries in the Southeast.

It plans to begin hiring in the next three to five months. Anyone interested in employment opportunities can apply online at www.metalworxinc.com.

Consumers cut back borrowings in May

WASHINGTON — Consumers trimmed borrowing in May for the fourth straight month as the recession took another bite out of investments and drove unemployment higher.

The Federal Reserve said Wednesday that consumer credit fell at an annual rate of 1.5 percent, or by $3.2 billion, from April. Economists expected a cut of $9.5 billion.

Amazon.com cuts price for Kindle

NEW YORK — Amazon.com cut the price of its Kindle electronic reading device by $60 to $299 Wednesday to help make the gadget a mainstream hit.

A spokeswoman said the price cut is not just a short-term promotion.

Books are wirelessly downloaded to the Kindle, with new releases often as inexpensive as $10. Amazon's larger Kindle DX remains priced at $489.

Berkeley hospitals on DHEC's agenda

Trident Health System is asking state regulators to rethink their decision to allow both Trident and Roper St. Francis Healthcare to build hospitals in Berkeley County.

Trident this week requested a review by the Department of Health and Environmental Control, which recently approved the hospitals.

DHEC's governing board is set to take up the matter today. If the board declines the request, Trident can appeal to the state Administrative Law Court, a move that would likely delay the hospital projects.