Stocks fall again to close brutal week
NEW YORK -- Stocks had another volatile day Friday, swinging widely before closing sharply lower.
The Dow Jones industrials closed with a loss of about 140 points. That followed a brief plunge of nearly 1,000 points Thursday, the biggest one-day drop in the Dow's history.
The erratic trading Friday was no surprise; stocks often fluctuate sharply right after the market suffers a big slide.
The market looked past a surprisingly strong report on the U.S. jobs market and focused instead on the harrowing plunge the day before and the latest moves in Europe's spreading debt crisis that had helped trigger Thursday's big drop.
Technology stocks were particularly hard hit following reports that Nokia was broadening a legal fight against rival phone maker Apple.
Friday's trading left the Dow down 5.7 percent for the week and erased its gains for the year.
The S&P fell about 6.4 percent, while the Nasdaq was off 7.9 percent for the week. The S&P and Nasdaq also went into the red for 2010.
Housing director leaving for Fed job
The Lowcountry Housing Trust said Friday that its founding executive director is leaving. Tammie Hoy, who has led the Charleston-based group since 2004, has accepted a new position with the Federal Reserve Bank of Richmond's Community Affairs Office as regional community development manager for South Carolina and North Carolina.
A national search will be conducted for a successor. Tony Woody, the trust's chairman, said in statement that Hoy is leaving the group in "a strong organizational and financial position."
The trust has become a major financier for affordable housing in the region. It has helped fund and develop more than 550 units of affordable housing.
Bailed-out insurer AIG posts profit
NEW YORK -- AIG, the insurance giant bailed out by the federal government, reported net income of $1.45 billion for the first quarter as its struggling insurance business showed signs of improvement.
American International Group, which received more than $180 billion in aid from the government, said premiums in its primary insurance division fell just 1.1 percent in the first quarter.
That was the smallest decline over the past four quarters.
The $7.64 billion in new premiums written during the quarter was up 10 percent from the previous quarter.
Despite the improvement, AIG remained cautious, saying efforts to win new business continue to be affected by "challenging economic conditions."
Magazine lifts Lexus 'Don't Buy' rating
DETROIT -- Consumer Reports magazine is lifting a "Don't Buy" recommendation for a Lexus sport utility vehicle that failed an emergency handling test.
The magazine said Friday that the 2010 Lexus GX 460 luxury SUV passed the test after a dealership updated software that runs its electronic stability control system.
Toyota Motor Corp. recalled about 10,000 of the SUVs in the United States in April after the magazine told readers not to buy them. The automaker also stopped selling them.