Stocks slip; dollar hurts energy shares
NEW YORK -- Stocks ended on a weak note Monday after a stronger dollar brought down prices for energy and other basic materials.
The Dow Jones industrial closed down 5 points after being up for most of the day. A report that consumers saved more than they spent last month hurt retailers. Treasury prices rose, sending interest rates lower, on lingering concerns about the economy.
A rise in the dollar made commodities more expensive for foreign buyers, sending their prices lower.
The government said consumer spending rose 0.2 percent last month, just above the 0.1 percent growth forecast by economists polled by Thomson Reuters. However, personal income rose 0.4 percent. The bigger increase in income versus spending signals that consumers are saving more, which could hurt retailers and hamper growth.
Gov't plans to double wireless spectrum
WASHINGTON -- The Obama administration intends to nearly double the available amount of wireless communications spectrum over the next 10 years in an effort to keep up with the ever-growing demand for high-speed video and data transmission to cell phones, laptops and other mobile devices.
President Barack Obama on Monday committed the federal government to auctioning off 500 megahertz of federal and commercial spectrum. Revenue from the auctions would be spent on public safety, infrastructure investments and deficit reduction.
AAA Carolinas to air graphic anti-texting ad
CHARLOTTE -- Starting Wednesday, the AAA Carolinas Foundation for Traffic Safety will broadcast a graphic 30-second traffic safety video on cable television to educate motorists of the horrific possible consequences of texting while driving.
The video is being launched right before the July 4th holiday, one of the deadliest holiday weekends for traffic crashes.
"This video may shock some viewers and that is the intent: to create a lasting impression that texting while driving is deadly," said Thomas Crosby, president of foundation. "It takes your eyes off the road, your hands off the wheel and your mind off driving. Those three distractions affect a driver mentally, physically and emotionally, all three essential activities needed to focus on safe driving."
Apple sells more than 1.7M iPhones in 3 days
NEW YORK -- Apple Inc. said Monday that it sold more than 1.7 million units of its new iPhone model in the first three days, making it the most successful product launch in the company's history from the standpoint of sales.
The iPhone 4 went on sale Thursday in the United States, Britain, France, Germany and Japan. High demand caused shortages and unruly crowds at some stores.
Analysts have said Apple is having a hard time procuring enough parts for the phone, such as its new higher-resolution screen. Apple has said the white iPhone it plans to produce has been more challenging than expected and won't be available until late July. Only black models went on sale Thursday.
Apart from the sharper screen, the iPhone 4 features a slimmer body and faster processor than the previous model, among other changes.