Euro jitters drive Dow below 10,000
NEW YORK -- A drop in the euro set off a late-day slide in stocks Wednesday and sent the Dow Jones industrial average to its first close below 10,000 in nearly four months.
The Dow, up 135 points in afternoon trading, ended down about 69. It was the eighth drop for the Dow in 10 days. Wednesday's trading extended the streak of volatility the market has suffered since major indexes hit their highs for the year in late April.
Stocks' reversal underscored how jittery traders are about Europe. They are worried that heavy debt loads and rounds of cost-cutting will hamper a recovery of the global economy.
The euro, which is used by 16 European countries, pulled major stock indexes lower after it began to slide. The currency has become a symbol of investor confidence in Europe's ability to contain its debt problems. The euro remains close to the four-year low it hit last week. It fell to $1.2179 Wednesday.
Treasury sells 20% of its shares in Citi
SAN FRANCISCO -- The U.S. Treasury Department said Wednesday that it sold almost a fifth of its stake in Citigroup Inc. for more than $6 billion as the government continues extricating itself from its massive bailout of the financial sector.
Treasury said it sold 1.5 billion shares of Citigroup common stock for gross proceeds of $6.2 billion. That works out at roughly $4.13 each.
Treasury got 7.7 billion shares of Citigroup common stock last summer after stepping in to help the banking giant survive the financial crisis. The sale announced Wednesday leaves the government with roughly 6.2 billion Citi shares.
Upbeat new data point to recovery
WASHINGTON -- The economic recovery got a lift in April as orders for large manufactured goods surged while sales of new homes benefited from homebuyer tax credits.
Manufacturing is helping drive the rebound. But some economists worry about the threat posed to U.S. exports from the debt crisis in Europe. And some fear that home sales will falter because the tax breaks for buyers have expired. Still, economists found the two Commerce Department reports released Wednesday generally encouraging.
Apple stock value beats Microsoft's
SEATTLE -- Apple has surpassed Microsoft as the largest technology company in the world by market capitalization. Market cap is the dollar value of a company's outstanding shares.
On Wednesday, Apple Inc.'s shares slipped $1.11 to close at $244.11, making its market cap about $222 billion. Microsoft's stock fell $1.06, or 4.1 percent, to close at $25.01, for market cap of about $219 billion.
The only U.S. business with a higher market value is Exxon Mobil. The oil company's market cap is about $279 billion.
Bearing maker to expand in Sumter
Kaydon Corp. said it will spend $3.6 million to expand its Sumter bearings-making operations and add at least 75 jobs. The State reported that Kaydon will buy the old Bosch brake plant as part of the expansion, officials said. The plant should be operating by the fall. In three previous expansions since 2006, Kaydon said it added 100 jobs and invested $27.5 million in new equipment.