NEW YORK — The stock market followed one of its most exciting days of the year with a rather dull one Friday. Indexes barely rose following a weak jobs report, which increased hopes that the Federal Reserve would act next week to support the economy.
The gains, while meager, kept major market indexes at their highest levels in more than four years following a massive surge the day before. The Dow Jones industrial average rose 14.64 to close at 13,306.64. The S&P 500 was up 5.80 to 1,437.92. The Nasdaq barely moved, up 0.61 at 3,136.42.
SAN FRANCISCO — Intel’s sales are falling at a rate that blindsided the chip-maker’s management, amplifying Wall Street’s worries about the slumping personal computer market and the frail economy.
The foreboding news came out Friday in revisions to Intel Corp.’s financial guidance for its current quarter.
The world’s largest maker of computer chips now expects to post third-quarter revenue of $13.2 billion. That would be a 7 percent decline from the same time last year. Intel blamed lackluster demand for PCs among businesses and a “challenging” environment.
NEW YORK —Kmart, a division of Sears Holdings Corp., said Friday that it’s waiving the layaway fees that shoppers pay to open its interest-free pay-over-time program at its discount stores and online through Nov. 17. The parent company plans to do the same for its Sears stores, but says it’s still finalizing the time frame.
Both Kmart and Sears have charged $5 for an 8-week layaway contract and $10 for the 12-week program. Kmart’s move comes three days after Wal-Mart Stores said it was lowering its holiday layaway fee to $5 from $15.
NEW YORK — Kraft said Friday its new North American food company will be poised to deliver long-term profit and revenue growth, while also returning cash to its shareholders.
Kraft told investors at a conference that it expects the North American grocery company to post a 2013 profit of about $2.60 per share, including 26 cents per share in restructuring costs.
Kraft is set to split into two companies Oct. 1. One will keep the Kraft name and focus on North American grocery brands such as Velveeta and Oscar Mayer. The other will be called Mondelez and focus on snacks such as Oreos that are sold internationally.
COLUMBUS, Ohio — Federal authorities say Scotts Miracle-Gro Co. will pay $12.5 million for violating federal pesticide laws.
The lawn and garden company was sentenced Friday in federal court to pay $4 million for criminal violations. It also will pay over $6 million in civil penalties and spend $2 million on environmental projects in a settlement with the Environmental Protection Agency.
NEW YORK — LG says an 84-inch TV that has four times the resolution of standard HDTVs is going to be in stores in October for $20,000.
That means LG Electronics USA is pushing out its set with so-called “4K” resolution before Sony Corp., which will have a similar set in stores in December for $25,000.
The set’s resolution will be 3,840 by 2,160 pixels, compared to 1,920 by 1,080 pixels for today’s best HDTVs.
There is, for now, very little video content available that can take advantage of the higher resolution. There are no cable or satellite channels at that resolution, and Blu-ray discs max out at HDTV resolution.