May 17, 2010 (United Press International) -- NEW YORK, May 17 (UPI) -- U.S. markets posted a tentative start Monday morning, as the euro held close to a four-year low against the U.S. dollar. European Central Bank President Jean-Claude Trichet during the weekend said European economies were facing "severe tensions" amid concern over sovereign debt that has undermined investor confidence. Markets in Europe were mostly higher Monday, however, while Asian markets fell. In China, the Shanghai composite index dropped 5.07 percent. In commodity markets, oil prices fell slightly after reaching a three-month low Friday. Oil on the New York Mercantile Exchange hit $71.33 per barrel Monday. In midmorning trading, the Dow Jones industrial average lost 60.16 points or 0.57 percent to 10,560 after early gains. The Standard & Poor's 500 index was off 6.74 or 0.51 percent to 1,128.94. The Nasdaq composite index dipped 12.06 points or 0.59 percent to 2,334.79. The benchmark 10-year Treasury note rose 1/32 to yield 3.45 percent. The euro, headed a bit lower in early trading to $1.2374 from Friday's $1.2381. Against the yen, the dollar rose to 92.42 yen from Friday's 92.32 yen. In Tokyo, the Nikkei 225 index lost 2.17 percent, 226.75, to 10,235.76. FRANKFURT, Germany, May 17 (UPI) -- The euro's slide to a four-year low against the U.S. dollar Monday reflects doubt about the safety of equity investments, market analysts said. Last week, the euro fell after a brief upswing provided by an announcement of $957 billion in loans to be made available for debt-burdened countries. Meanwhile, the price of gold rose to record highs last week as the option of buying government bonds -- generally considered a safe bet -- became more tentative. "More people are making the yes or no decision to pull out of the market and keep their money closer to home," said Lou Crandall, the chief economist at Wrightson ICAP, The New York Times reported Monday. "Investors are waiting to see whether the stability package can be put into place," said Alex Roever, a market analyst at J.P. Morgan (NYSE:JPM) Securities. The euro reached $1.2351 Monday from Friday's $1.2381. Last week, gold hit a record $1,236.40 an ounce on the Comex exchange. On Monday, gold for June delivery settled at $1,227.20 from an recent settlement of $1,233.30 per ounce. WASHINGTON, May 17 (UPI) -- The deaths of two children led to a voluntary recall of Auto Fire toy dart guns, the U.S. Consumer Product Safety Commission said. The commission said a 9-year-old boy in Chicago and a 10-year-old boy in Milwaukee each choked to death on the soft, pliable plastic darts sold with the Auto Fire dart gun toys imported from China by Henry Gordy International Inc. of Plainfield, N.J. The toys were sold exclusively at Family Dollar stores (NYSE:FDO) nationwide from September 2005 through January 2009 for about $1.50, the commission said Monday in a statement. The commission said Family Dollar Stores Inc. of Charlotte, N.C. was announcing the recall, "because Henry Gordy International has refused to recall the toy dart gun sets." The dart-gun toy sets were sold with a toy target, a plastic pistol and eight darts. The darts are bright orange. The gun is yellow and orange or blue and yellow. The soft darts have a suction cup tip and measure just over an inch in length and about 1/2-inch in diameter. Consumers were advised to discard the toys immediately. Consumers can also return them to the retailer for a full refund. Consumers can call 800-547-0359 for information. NEW YORK, May 17 (UPI) -- The New York Federal Reserve Thursday said growth in general business activity in New York slowed in its latest monthly survey. The headline index for May remained positive, but less robust than in the April survey. The composite index of business activity in New York, released mid-month, slowed to 19.1, down 13 points from a month ago. New orders index, also positive, fell 15 points to 14.3. The shipments "tumbled 21 points" to 11.3, the New York Federal Reserve said. The number of employees index climbed, however, from 20.3 to 22.4, the highest level in more than two years. Respondents indicated they were positive about the future, but with less enthusiasm than a month ago. The future general business conditions index, intended to measure confidence over the next six months, fell "from a lofty 55.7" in April to 42.1, the New York Federal Reserve said.
Family Dollar Stores Inc. (FDO) News
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| May 17, 2010 - 08:47 AM PST |
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