Business Briefs

Indexes down for 4th straight week

NEW YORK — Investors seem to be running short on hope.

With little upbeat news ahead of a crush of corporate earnings reports next week, stocks on Friday hit their longest losing streak since the market's spring rally began in early March.

Unrelenting worries over the economy, driven by poor reports on unemployment, consumer confidence and falling commodity prices, have kept investors largely out of stocks since mid-June. Stocks zigzagged during the week. The Dow Jones industrials and S&P 500 index have now fallen four straight weeks.

Geithner: Stimulus on 'expected path'

WASHINGTON — Despite persistently high unemployment, Treasury Secretary Timothy Geithner told lawmakers Friday the Obama administration's economic stimulus plan is on the "expected path."

His remarks came amid waning support for President Obama's economic policies.

Geithner said the rate of decline in the economy has slowed, consumer confidence has improved, the financial system is healing, and concern about a financial meltdown has receded.

Trade deficit slips to a nine-year low

WASHINGTON — The U.S. trade deficit fell to the lowest level in more than nine years in May as exports posted a small gain while the weak American economy pushed imports down for a 10th straight month.

The slight rebound in exports, combined with a slower pace of decline in imports, showed that the nosedive in global activity may be starting to ebb. The Commerce Department said Friday the deficit narrowed to $26 billion, a drop of 9.8 percent from April and the lowest level since November 1999. Economists expected the deficit to widen to $30.2 billion in May.

Lilly rival to Plavix gets OK from FDA

WASHINGTON — The Food and Drug Administration Friday approved a highly anticipated blood thinner from Eli Lilly, though the drug must carry the FDA's sternest warning because of bleeding risks. Lilly's Effient will be the first real competition to Plavix, the world's second-best selling medication.

A study of over 13,000 patients conducted by Lilly found that Effient prevents more heart attacks than Plavix, but also causes more internal bleeding.

State fund offers financing for films

The S.C. Film Commission will make available up to $200,000 for filmmakers who partner with the University of South Carolina or Trident Technical College.

Each partnership could qualify for as much as $100,000 to make a short film though the S.C. Production Fund. The S.C. Motion Picture Incentive Act established the production fund, which aims to connect filmmakers and students.

Raval wine bar to close after tonight

Raval, a wine bar at 453 King St., said it will be closed after tonight to make way for renovations for a new dining concept by Labor Day.

Phoebe Byers, marketing director of Raval owner Revolutionary Eating Ventures, declined to say what kind of restaurant is planned.