Europe's troubles erase weekly gains in stocks
NEW YORK -- Stocks closed lower Friday on renewed concerns about Europe's financial crisis.
Signs that Europe's debt troubles are larger than originally forecast upended financial markets to close out the week, sending the dollar up nearly 1 percent and erasing the week's gains in the stock market.
Fears of a deepening financial crisis overshadowed reports that consumers are feeling more confident in the U.S. economy and that inflation remains in check.
--The Dow Jones industrial average lost 100.17 points, or 0.8 percent, to close at 12,595.75.
--The S&P 500 fell 10.88, or 0.8 percent, to 1,337.77.
--The Nasdaq lost 34.57, or 1.2 percent, to 2,828.47.
The slide turned the Dow and S&P lower for the week.
Yahoo shares tumble on concerns about Alibaba
SAN FRANCISCO -- Yahoo's prized investment in the Chinese Internet company Alibaba Group has abruptly turned into a stock market millstone.
The weight drove down Yahoo's stock by 62 cents, or 3.6 percent, to close Friday at $16.55. It marked the third straight session that the stock has fallen because of Alibaba worries. The sell-off has reduced Yahoo's market value by about $2.5 billion, or nearly 11 percent.
The reason -- a surprise disclosure by Yahoo on Tuesday that Alibaba had spun off its online payment service, Alipay.
The split caused investors to re-evaluate the value of Yahoo's 43 percent stake in Alibaba, one of China's most powerful Internet companies. To make matters worse, public bickering over the timing and handling of the Alipay spinoff has brought the rocky relationship between Yahoo and Alibaba into sharper focus.
Chrysler moves up plant closings because of quake
DETROIT -- Chrysler is moving the traditional summer shutdown of three U.S. factories in Michigan and Ohio from July to June due to parts shortages from the earthquake in Japan, but it said Friday that it doesn't expect that to affect the number of models it had planned to deliver.
By moving the shutdown weeks forward, Chrysler gives parts suppliers more time to get the plants back on line or come up with other alternatives to make the parts, said Chrysler spokeswoman Jodi Tinson.
"There was some risk that toward the end of May or in June that we could experience production disruptions," she said. "This is a way to mitigate that and help our suppliers."
Tinson would not say what parts are in short supply, although CEO Sergio Marchionne has said the delivery of electronic components had been slowed by the earthquake.
Production has been hampered for nearly all automakers because of the March 11 earthquake and tsunami that hit northerneastern Japan.
Prius deliveries tripped up by shortage of batteries
TOKYO -- Some buyers will have to wait until April next year for deliveries of the latest Toyota Prius because of shortages of a new battery that is adding to production delays from the March earthquake and tsunami in Japan.
The launch Friday of the more spacious "Prius a," or "Prius alpha," a revamp of Toyota's popular gasoline-electric hybrid, had been initially set for April. But the March 11 magnitude-9.0 earthquake in northeastern Japan destroyed key parts suppliers and forced a delay.
The parts shortage has disrupted production at Toyota's Japanese plants, and the automaker has said production won't be completely back to pre-disaster levels until late this year.
The battery shortage was an issue even before the earthquake.