NEW YORK (AP) — The Dow's longest winning streak in nearly 17 years is over. The blue-chip index fell 25 points yesterday to close at 14,514. The S&P 500 also closed down. It dropped 2 1/2 points to 1,560, just shy of an all-time high from October 2007. The Nasdaq composite fell nearly 10 points. The Dow notched a 10-day winning streak through Thursday, its longest since November 1996.
UNDATED (AP) — Investors like the prospects for oil and natural gas and both commodities ended the week with solid gains. The price of oil rose 42 cents yesterday to end at $93.45 per barrel in New York. It was up $1.50, or 1.6 percent, for the week on signs of improvement in the economy. The price of natural gas rose 6 cents, or 1.6 percent, to finish at $3.87 per 1,000 cubic feet. It gained nearly 7 percent for the week, boosted mainly by forecasts for cold temperatures in many gas-consuming regions the rest of the month.
NICOSIA, Cyprus (AP) — Nervous depositors in Cyprus rushed to ATMs today to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country's bank accounts. The president says Cyprus had little option but to accept the bailout package from its European partners and the IMF because without it, the country's whole banking system would have collapsed on Tuesday.
SAN FRANCISCO (AP) — A federal judge says secretive FBI demands for customer data from banks, phone companies and others are unconstitutional. U.S. District Judge Susan Illston ruled yesterday that so-called national security letters are unconstitutional because the FBI bars recipients from disclosing to anyone, including their customers, that they received the demands. She said that violates freedom of speech rights. The judge put her order on hold for 90 days so the U.S. Department of Justice can appeal.
HOUSTON (AP) — Investors in a $7 billion Ponzi scheme orchestrated by former Texas tycoon R. Allen Stanford could in the next few months finally begin getting back some of what they lost. The recovery process, which has dragged on for more than four years, got a boost this week. The Justice Department and other parties that had been battling for control of about $300 million in Stanford's frozen foreign bank accounts and other assets agreed to work together.