Stocks edge up to end rough week on Wall Street
NEW YORK -- A brutal week for the stock market ended on a quiet note Friday, but worries about the global economy continued to pound copper, gold and other commodities.
Fears about Europe's debt were stoked early Friday by news that Moody's Investors Service had downgraded its ratings of eight Greek banks by two notches. Finance ministers from 20 large countries pledged to take "all necessary actions to preserve the stability of the banking systems and financial markets." But they offered nothing specific.
Europe's problems helped feed the heavy selling this week. But the chief worry was that the U.S. is headed for another recession and that policymakers are running out of ways to fight it. Congress was in another standoff over spending that could force the government to shut down.
--The Dow Jones industrial average rose 37.65, or 0.4 percent, to close at 10,774.48.
--The S&P 500 gained 6.87, or 0.6 percent, to end at 1,136.43.
--The Nasdaq composite added 27.56, or 1.1 percent, to finish at 2,483.23.
Bosch plant recipient of manufacturing honor
GREENVILLE -- Three South Carolina manufacturers, including a Dorchester County automotive parts maker, have been recognized at the 16th annual Salute to Manufacturing. The recipients of the 2011 Silver Crescent Awards for Manufacturing Excellence are Robert Bosch of North Charleston, Domtar Paper Co.-Marlboro Mill of Bennettsville, and Cox Industries of Orangeburg.
The small-size winner, Cox Industries, has 150 employees and makes treated outdoor products. Midsize winner Domtar Paper employs 325 people. Large-category winner Bosch has been making auto parts at a big plant on Dorchester Road since 1974. The German-owned company employs more than 1,700 workers.
Local paper mill owner adds to holdings in S.C.
KapStone Paper and Packaging Corp, is adding to its South Carolina lineup. The owner of the former MeadWestvaco paper mill in North Charleston said Friday it is acquiring U.S. Corrugated Inc., which has a containerboard mill east of Spartanburg, in Cowpens.
KapStone also is picking up 14 boxmaking plants in the eastern and midwestern U.S. as part of the purchase. The deal is valued at $330 million.
Pfizer rating downgraded on Lipitor's patent status
NEW YORK -- Credit rating agency Fitch said Friday it is downgrading several credit ratings for pharmaceutical giant Pfizer Inc. ahead of the loss of patent protection for its best-selling drug, Lipitor.
Fitch downgraded Pfizer's long-term issue default rating to A+ from AA- in anticipation of revenue pressures as the company continues to pay off its 2009 acquisition of Wyeth. The credit rating service has paid down $7.6 billion in debt in the past two years, leaving $41.7 billion remaining.
Treasury to gain $30 million from SunTrust warrants
WASHINGTON -- The Treasury Department says it has sold nearly 18 million warrants it holds in Atlanta-based SunTrust Banks. The department says it will receive $30.1 million from the sale. A warrant gives the purchaser the right to buy stock at a specified price.
SunTrust said Friday it purchased 4 million of the warrants. It received $4.85 billion from the government in 2008 and repaid the money in March.