Bank losses revive worries on Wall St.
Large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis. For details on this and other bank earnings reports.
Yahoo reports less 2nd quarter profit
Yahoo Inc.'s second-quarter profit fell 18 percent, the latest sign of the financial decay that has frustrated shareholders and raised doubts about the Internet company's future. But while the results released Tuesday missed analyst expectations, the performance wasn't as bad as many investors had feared after Internet search and advertising leader Google Inc.'s second-quarter earnings disappointed Wall Street last week. Yahoo earned $131 million, or 9 cents per share, from April through June, compared with $161 million, or 11 cents per share, at the same time last year.
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Oil prices fall as dollar strengthens
Oil prices tumbled more than $3 a barrel Tuesday as Tropical Storm Dolly grew increasingly unlikely to threaten supply, giving traders one less reason to buy as a strengthening dollar helped keep prices in check. The sell-off was a throwback to last week's sharp declines, and dragged crude to its lowest level since early June. It was oil's fifth decline in the past six sessions. Light, sweet crude for August delivery fell $3.09 to settle at $127.95 a barrel in its last trading day on the New York Mercantile Exchange. Earlier, the contract, which will be replaced by September crude today, dropped as low as $125.63.
Ford unveils plans
Ford Motor Co. plans to revamp some U.S. plants and bring six small vehicles to the U.S. market from overseas to meet customers' growing demand for more fuel-efficient options, a person briefed on the company's plans said Tuesday. Ford has no immediate plans to close U.S. plants despite overcapacity in a slumping market, the person said. Instead, the automaker will retool plants to increase production of smaller cars and engines. The person requested anonymity because Ford isn't confirming details until Thursday, when it releases second-quarter earnings.
Although Sen. John McCain, 71, freely admits he is illiterate when it comes to the Internet, many seniors have become tech-savvy citizens.