Markets decline for 3rd straight day
NEW YORK -- The stock market ended a down week with light selling as investors grew uneasy about a rising dollar and spiking demand for the safest government debt. Disappointing reports on housing and worries about flagging demand at technology companies sapped strength from the market's eight-month rally.
The Dow Jones industrial average ended the week with a 0.5 percent gain but broader indexes slid.
Stocks fell for the third straight day Friday as disappointing earnings from computer maker Dell weighed on technology shares. The tech-heavy Nasdaq index logged the weakest performance of the major indicators for the week.
Demand for safe havens rose Thursday and Friday following Dell's report and as European Central Bank said it plans to start reining in some of its stimulus programs.
Some of UPS' rates to rise 4.9 percent
ATLANTA -- UPS Inc., the world's largest shipping carrier, is hiking 2010 rates for ground packages by an average of 4.9 percent. The company said Friday there also will be an average net rate increase of 4.9 percent next year on all air express and U.S. origin international shipments. The new rates take effect Jan. 4.
Rival FedEx Corp. said in September that it will raise express shipping rates an average of 5.9 percent in January.
Chase removing charge card clause
BOSTON -- JPMorgan Chase said Friday it is dropping a clause from its credit card contracts that required disputes with customers to be handled through binding arbitration, a move that could lead to consumers filing lawsuits.
Chase Card Services confirmed the change after a law firm that sued banks over arbitration clauses announced a tentative settlement with JPMorgan Chase.
Chase decided to stop sending credit-card disputes to arbitration in July, and now is removing the arbitration clause. Banks say arbitration is less costly for everyone than lawsuits.
Bernanke's future at Fed to be aired
WASHINGTON -- Federal Reserve Chairman Ben Bernanke's nomination to a second term will be the subject of a Senate Banking Committee hearing next month, the panel's chairman said Friday.
President Barack Obama nominated the South Carolina native to another four-year term in August. The nomination requires Senate approval. Bernanke has drawn praise and criticism for his thinking and unconventional actions to pull the country back from economic ruin last year.
SCBT opens 1st Mount Pleasant office
South Carolina Bank and Trust marked the grand opening Friday of its first Mount Pleasant branch.
The 2,800-square-foot, office is at 1032 Johnnie Dodds Blvd., at the corner of Anna Knapp Boulevard. Services include commercial lending, mortgage lending, investments and trust asset management.
Kevin Rourk is SCBT's Mount Pleasant city executive. The Columbia-based lender also made a donation to the East Cooper Community Outreach