Europe woes push stocks even lower
NEW YORK-- Stocks fell to their lowest level in seven months Monday after traders couldn't shake fears that Europe's economic problems will derail a global recovery.
Monday's drop was a smaller-scale repeat of Friday' plunge as traders again dumped stocks in the final hour. That signals traders would rather sell than be hit by surprises. Some traders say the slide has been overdone but that the market isn't likely to find much stability until there is a better sense about how Europe's economies will hold up under heavy cost-cutting.
With only a sprinkling of economic and corporate news to go on, traders again tracked the moves of the euro. The 16-nation currency hit another four-year low and hurt European markets.
Chrysler minivans, Jeep are recalled
DETROIT -- Chrysler is recalling almost 600,000 minivans and Jeep Wranglers in the United States and an additional 100,000 elsewhere because of brake or wiring problems that could create safety issues, the company and regulators said Monday.
In the U.S., Chrysler is recalling 288,968 Jeep Wranglers from the 2006-10 model years because of a potential brake fluid leak. It also is recalling 284,831 Dodge Grand Caravan and Chrysler Town & Country minivans from the 2008-09 model years because a wiring problem can cause a fire inside the sliding doors.
Neither problem has caused any crashes or injuries, Chrysler said.
Borrowing was up in April, Fed says
WASHINGTON -- Consumer borrowing increased slightly in April, a sign that Americans may have more faith in the recovery.
The Federal Reserve said Monday that borrowing rose by $954.8 million in April. But the government revised away a gain it originally had reported for March.
Instead, it reported that credit fell a sharp $5.44 billion during that month.
The April increase, if it stands, would be only the second advance in the past 15 months.
Subpoena issued for Goldman data
WASHINGTON -- A panel probing the causes of the financial meltdown has issued a subpoena for documents from Goldman Sachs, accusing the firm of stonewalling an investigation.
The Financial Crisis Inquiry Commission said Monday that it had sent Goldman numerous requests for information, documents and interviews.
Goldman didn't respond to some questions, said panel chairman Phil Angelides. With others, it provided billions of pages of documents, more than staffers can process. Goldman said it has cooperated.
Force Protection to upgrade trucks
Ladson-based Force Protection Inc. said Monday that it will modernize the fire-extinguishing systems on 2,451 of its armored Cougar vehicles that have been sold to the military.
The $46 million project will be performed under an existing contract with the U.S. Marine Corps Systems Command.
The upgrades are scheduled for completion next February, the company said.