Business Desk

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

The New York Sun


DOW GAINS NEARLY 200 POINTS U.S. stocks roared upward for a second consecutive session,inspired by relatively dovish comments on inflation from Federal Reserve Chairman Ben Bernanke.

The Dow Jones Industrial Average notched its second straight triple-digit point gain, rising 198.27, or 1.8%, to 11015.19. The Standard & Poor’s 500-stock Index climbed 26.12, or 2.1%, to 1256.16. And the Nasdaq Composite Index advanced 2.8%, or 58.15, to 2144.15.

In prepared remarks to the Economic Club of Chicago, Mr. Bernanke said market-based inflation expectations have “fallen back somewhat” in the past month, although he said inflation expectations “bear watching.”

Although the Fed is still expected to raise interest rates again at its meeting later this month, the stock market appeared relieved that Mr. Bernanke didn’t sound a more hawkish tone on inflation.

– Dow Jones Newswires


FEW N.Y. COUNTIES OPTING TO CAP GASOLINE SALES TAX SO FAR Few counties are opting to limit their local gasoline tax under a state law aimed at cutting the price at the pump. Facing a Friday deadline to have a cap in place for the summer driving season, just 13 of the N.Y.’s 62 counties have passed or planned to pass local gas tax measures by yesterday. Governor George Pataki last month signed a bill that capped the state sales tax on gasoline at 8 cents per gallon, the rate paid when gas costs $2 a gallon. The law, which took effect June 1, is saving consumers about 4 cents a gallon when retail prices top $3.

– Associated Press


BEAR STEARNS 2Q EARNINGS RISE 81% ON TRADING Bear Stearns Companies, the biggest American underwriter of mortgage-backed bonds, said profit surged 81% to a record in the second quarter, led by fixed-income and equity trading.

Net income climbed to $539.3 million, or $3.72 a share, in the three months ended May 31, from $298 million, or $2.09, a year earlier, New York-based Bear Stearns said in a statement today. Profit exceeded the $3.12-a-share mean estimate of 15 analysts surveyed by Thomson Financial.

– Bloomberg News


APPLE COULD SEE SLOWER SALES OF IPOD IN JUNE QUARTER Apple Computer Incorporated may be selling more of its Mac computers in the June quarter, but sales of its iPod digital media player may not be so hot.

Analysts from Merrill Lynch and American Technology Research lowered their iPod unit estimates for Apple’s fiscal third quarter yesterday, saying results may come in below plan.

– Dow Jones Newswires

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