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USPS ending Saturday delivery of letters, first-class mail
The U.S. Postal Service will end Saturday home delivery of letters and other first-class mail, but will still deliver packages, starting in August.
This story is developing. We'll bring you the latest from our CNNMoney.com colleagues as soon as we get it.
Dell to be sold to founder, investment firm for $24.4 billion
Computer company Dell has agreed to be sold to founder Michael Dell and investment firm Silver Lake for about $24.4 billion.
Want to know more about what this means for the company? Our colleagues at CNNMoney.com break it down for you.
U.S. Postal Service loses $5.1 billion
The U.S. Postal Service reported an annual loss of $5.1 billion on Tuesday, as declining mail volumes and mounting benefit costs take their toll on the agency.
The Postal Service said in a statement that its losses would have been roughly $10.6 billion if Congress had not passed legislation postponing a $5.5 billion payment required to fund the agency's retiree health benefits.
Revenues from First-Class Mail, the Postal Service's largest and most profitable product, declined 6% from the previous fiscal year to $32 billion. Total mail volume declined by 3 billion pieces, or 1.7%.
"The continuing and inevitable electronic migration of First-Class Mail, which provides approximately 49 percent of our
revenue, underscores the need to streamline our infrastructure and make changes to our business model," Postal Service CFO Joe Corbett said in a statement accompanying the figures.
Over the past few months, the White House, lawmakers and the Postal Service have all come up with plans to save the post office. One of the more controversial proposals came from the postal agency itself, which included cutting Saturday service,
FULL STORY
Stocks eke out gains
Some highlights from the day's business news:
Investors were more optimistic Tuesday afternoon after the Federal Reserve's minutes from its most recent meeting indicated that some Fed members favored more stimulus.
Stocks had a rough day, opening slightly lower, only to sink sharply following a weak consumer confidence report. But the knee jerk reaction was short lived, and stocks bounced back into positive territory before settling into a malaise for much of the day.
All indices closed the day in positive territory, but still remained down for the year. The Dow Jones industrial average moved up 20 points, or 0.2%, to 11,559.95.
Stocks battle back to end mixed
Some highlights from the day's business news:
U.S. stocks ended a thinly traded session mixed Wednesday as investors weighed the latest corporate results against global economic and debt concerns.
The Dow Jones industrial average rose 4 points, or less than 0.1%, to close at 11,410. The S&P 500 added 1 point to 1,193. The Nasdaq composite fell 12 points to 2,511.
Jobs show surprising growth
The U.S. job market strengthened in July, a welcome piece of good news that sharply contrasted with Thursday's sell-off on Wall Street and readings pointing toward an economic slowdown.
Employers added 117,000 jobs last month, well above the 46,000 jobs added in June, the government reported Friday. After a shockingly weak jobs number the previous month and a spate of other negative economic readings that followed, many economists had been bracing for the worst from Friday's report.
Trading in U.S. stock futures, which point to the direction stocks will take when regular trading begins at 9:30 a.m., surged after the report was released.
FULL STORY
Dow drops 512 points
Stocks plunged Thursday in their single worst day since the 2008 financial crisis.
The Dow tumbled 512 points - its ninth deepest point drop ever - as fear about the global economy spooked investors.
"The conventional wisdom on Wall Street was that the economy was growing - that the worst was behind us," said Peter Schiff, president of Euro Pacific Capital. "Now what people are realizing is the stimulus didn't work, and we may be headed back to recession."
FULL STORYDow dives below 12,000
Some highlights from the day's business news:
U.S. stocks plunged on Tuesday as fears about a weak U.S. economy were enflamed after investors got another disappointing economic report - this time on consumer spending.
"Now that we have solved the debt ceiling issue, the market has moved onto the other data, which has taken a significant turn for the worse," said Ryan Detrick, senior technical strategist with Schaeffer's Investment Research.
The Dow Jones industrial average plunged 266 points, or 2.2%, to close at 11,867. The Dow was dragged lower by the industrial and manufacturing heavyweights of the 30-member index: Alcoa, General Electric, United Technologies and Boeing.
Nike re-signs Michael Vick
Michael Vick, the star National Football League quarterback whose career was interrupted by a dogfighting conviction, has reached an endorsement agreement with athletic equipment maker Nike.
"We have re-signed Michael Vick as a Nike athlete," Megan Saalfeld, a Nike spokeswoman, said in an e-mail to CNN.
See rare photos of Michael Vick
Vick, currently on the roster of the Philadelphia Eagles, served 20 months in federal prison after pleading guilty to bankrolling a dogfighting operation. He has since emerged as a spokesman against dogfighting.
"Michael acknowledges his past mistakes," Saalfeld said. "We do not condone those actions, but we support the positive changes he has made to better himself off the field. "
Stocks advance for third day
Some highlights from the day's business news:
U.S. stocks closed higher for a third day on Wednesday, as bank shares boosted the broader market following Bank of America's $8.5 billion settlement over mortgage securities claims.
Investors also cheered Greece's approval of austerity measures on Wednesday, which are meant keep the country from defaulting.
The Dow Jones industrial average added 73 points, or 0.6%, to close at 12,261. Bank of America was the biggest gainer on the blue-chip index, with shares rising 3% after the bank announced a multi-billion-dollar settlement. Other banks stocks followed suit, with shares of Citigroup, Wells Fargo and JPMorgan Chase all moving higher.
Stocks rise as investors grapple with Greece
Some highlights from the day's business news:
U.S. stocks managed decent gains Monday, even as investors remained cautious about Greece's debt crisis.
After slipping about 0.3% in the opening minutes, the major indexes turned higher, with the Dow Jones industrial average closing up 76 points, or 0.6%.
Financial stocks JPMorgan Chase and Bank of America were the biggest laggards, while DuPont and Caterpillar led the gains.
The S&P 500 rose 7 points, or 0.5%, and the Nasdaq composite rose 13 points, or 0.5%. Biogen Idec was the best performer on both indexes, with shares rising more than 4%.
Stocks finish sharply lower
Some highlights from the day's business news:
U.S. stocks finished sharply lower Wednesday after gloomy manufacturing data and renewed fears aboout Greece's debt problems sparked a sell-off.
The Dow Jones industrial average dropped 179 points, or 1.5%, to 11,897.27. All 30 of blue-chip index's stocks trading lower. Bank of America and JPMorgan Chase were among the biggest laggards. Other financial stocks followed suit, with shares of Wells Fargo and Citigroup down about 2%.
The S&P 500 slipped 22 points, or 1.7%, with a 13% drop in shares of Owens-Illinois leading the decline. The glass container maker cut its earnings guidance, citing rising manufacturing costs.
Bernanke kills Wall Street's buzz
Some highlights from the day's business news:
U.S. stocks closed lower Monday after comments from Federal Reserve chairman Ben Bernanke dashed hopes that the central bank could provide additional economic stimulus.
The Dow Jones industrial average fell 19 points, or 0.1%, to 12,070. The Dow had been up by 70 points earlier in the session. The S&P 500 eased 1 point to settle at 1,285. The Nasdaq lost 1 point to 2,701.
Speaking in Atlanta, Bernanke (pictured) acknowledged that economic growth this year has been slower than expected. But he said growth should pick up in the second half of the year if gas prices "moderate" and supply disruptions stemming from the disaster in Japan fade.
Tech shares push stocks higher
Some highlights from the day's business news:
Stocks edged higher Thursday as momentum in the technology sector offset disappointing reports on economic growth and the labor market.
The Dow Jones industrial average rose 8 points, or 0.1%, to end at 12,403; the S&P 500 added 5 points, or 0.4%, to 1,326; and the tech-heavy Nasdaq Composite gained 22 points, or 0.8%, to close at 2,783. The Dow had been down more than 70 points earlier in the session.
Treasuries playing the waiting game
Stocks end the day and week lower
U.S. stocks finished lower Friday, amid weak outlooks from retailers and as the dollar rallied on Greek debt jitters.
The Dow Jones industrial average dropped 93 points, or 0.7%. Earlier in the session, the blue-chip index slumped more than 100 points. The S&P 500 shed 10 points, or 0.8%, and the Nasdaq Composite lost 20 points, or 0.7%.
Gap shares tumbled 17.5% while Aeropostale's stock fell 14% after both companies lowered their full-year guidance, citing weaker demand and higher commodity costs. Gap shares were the worst performer on the S&P 500. Other retailers followed suit, with shares of Macy's, Urban Outfitters and Abercrombie & Fitch all sliding more than 2%. Shares of Polo Ralph Lauren and JC Penney fell more than 4%.
"When you see these retailers give numbers like this, you get concerned that the consumer is starting to give up some ground, with high oil prices and all," said Anthony Conroy, head trader at BNY ConvergEX.
Treasuries playing the waiting game
Treasury prices were little changed Friday, as investors sat on their hands ahead of a barrage of economic data coming next week.
The data dump will start Tuesday with a report on new home sales, and will be followed later in the week by data on initial unemployment claims, durable goods, GDP, personal income and spending, inflation and pending home sales.
And the Treasury Department will hold highly anticipated auctions of U.S. debt, starting with $35 billion in 2-year notes on Tuesday, $35 billion of 5-year notes on Wednesday and closing with $29 billion of 7-year notes on Thursday.
"Today it is likely to be a quiet one," Kevin Giddis, executive managing director at Morgan Keegan, wrote in a note to clients. "There are no economic numbers to be released and most traders seem to be comfortable sitting on the sidelines waiting for next week's supply."
–CNNMoney.com reporters Ken Sweet May, Charles Riley and Hibah Yousuf contributed to this report.
Stocks bounce off lows
Some highlights from the day's business news:
Stocks closed mixed on Tuesday as investors digested a weak outlook from Hewlett-Packard, a grim read on the housing market and an unexpected drop in April industrial production.
Despite those negative factors, stocks ended the session well off the lows set earlier in the day.
The Dow Jones industrial average lost 69 points, or 0.6%, to close at 12,780. The Dow was down more than 150 points earlier in the day.
Stocks rise with commodities
Some highlights from the day's business news:
Stocks followed commodities Thursday, rebounding from their lows to end higher in the afternoon.
The Dow Jones industrial average added 66 points, or 0.5%, the S&P 500 rose 7 points, or 0.5%, and the Nasdaq Composite gained 18 points, or 0.6%. Earlier in the session, all three indexes were down as much as 0.7%.
Stocks had started the day in sell mode, weighed down by lower commodity prices and a dour outlook from Cisco Systems. But the momentum shifted midday as commodities erased earlier losses and the dollar pulled back against the euro.
Stocks stumble as oil prices plunge; Angry Birds comes to Web
Stocks fell sharply Wednesday, as energy and materials stocks were particularly hard hit by a sell-off in oil and gasoline futures.
"Commodities are getting crushed here, and it's taking the whole market with it," said David Rovelli, managing director of U.S. equity trading at Canaccord Adams.
The Dow Jones industrial average slid 130 points, or 1%, to end at 12,630. The blue-chip index had been down as much as 179 points. The S&P 500 fell 15 points, or 1.1%, to 1,342; and the Nasdaq Composite shed 27 points, or 0.9%, to end at 2,845.
Shares of Chevron and Exxon Mobil were among the biggest laggards on the Dow as oil plunged nearly 6% to $100 a barrel. Gasoline futures also got hammered, tumbling 8% to $3.11 a gallon.
The selling intensified after the Energy Department's weekly inventory report showed a surprise build in gasoline supplies.
The drop in energy prices also drove down shares of energy firms Halliburton, Cabot Oil and Tesoro, among others.
Precious metals were also selling off, with silver sinking $3.26, or 8.5%, to $32.22 an ounce. And gold fell $13.40, or 0.9%, to $1,503.50 an ounce. Copper was also getting caught up in the selling mayhem, with prices sinking 3.5%. That spilled over to miner stocks, including Freeport McMoRan and Teck Resources. Traders also pointed to weakness in the euro as part of the reason commodities were under pressure. The dollar gained strength amid growing concerns about Greece's debt problems. FULL POST
Deals push stocks higher for third day
Some highlights from today's business news:
U.S. stocks rose for third straight day on Tuesday, as investors were bolstered by Microsoft's $8.5 billion deal to buy Skype, along with solid corporate earnings reports and economic data.
"There are just a lot of strong numbers, from earnings to economic data, that keep pushing this market higher," said Frank Davis, director of sales and trading at LEK Securities.
The Dow Jones industrial average rose 76 points, or 0.6%, to close at 12,761; the S&P 500 gained 11 points, or 0.8%, to 1,357; and the tech-heavy Nasdaq Composite added 29 points, or 1%, to close at 2,872.
Stocks higher on rebound in oil
Some highlights from the day's business news:
U.S. stocks rose Monday as commodity prices regained ground, overshadowing worries about the fiscal crisis in Greece that hung over the market.
The Dow Jones industrial average rose 46 points, or 0.3%, to 12,684. The S&P 500 gained 6 points, or 0.5%, to 1,346. The Nasdaq Composite advanced 15 points, or 0.5%, to 2,843.
After a sharp sell-off last week, commodities rebounded Monday. Oil jumped 5% to above $102 a barrel. Silver prices gained 6% and gold rose over 1%.
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