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Stocks barely budge; market ends week with loss

May. 25, 2013 @ 12:23 AM

NEW YORK -- Major stock indexes closed out their first weekly loss in a month in quiet trading Friday.

The Standard & Poor's 500 index dropped 0.91 of a point to close at 1,649.60. The Dow Jones industrial average rose 8.60 points to 15,303, a gain of 0.1 percent. Procter & Gamble supported the Dow with an increase of 4 percent.

Both indexes had their first weekly losses since the week ending April 19. Concerns over the Federal Reserve curtailing its support for the economy and sharp falls in Asian markets rattled investors this week. Some investors are concerned that the Fed will scale back its effort to support the economy sooner than they expected.

The S&P 500, widely used by mutual funds as a proxy for the stock market, lost 1.1 percent for the week. It's still up 15.7 percent for the year.

 

W.Va. chamber to host sesquicentennial party

CHARLESTON -- The West Virginia Chamber of Commerce will have a celebration Thursday, June 20, at its Charleston offices in commemoration of the state's 150th birthday.

The open house celebration will go on from noon to 4 p.m. June 20.

The celebration will feature food products from West Virginia businesses and live music on the front lawn. Members of the Chamber and the public are all invited to participate.

The West Virginia Chamber office is located at 1624 Kanawha Blvd. East in Charleston, in close proximity to the Capitol grounds. No registrations are required for this event and the dress will be casual.

 

Protesters arrested at coal firm Alpha's HQ

BRISTOL, Va. -- Several environmental protesters are facing charges after blocking the road leading to the headquarters for coal producer Alpha Natural Resources in Bristol.

Capt. Maynard Ratcliff with the Bristol Police Department says about five people were arrested on Friday morning after they had chained themselves and large industrial equipment to a bridge railing.

The road to the company's offices was reopened shortly before 10 a.m. Ratcliff says specific charges are pending.

The members of Radical Action for Mountain Peoples' Survival were protesting Alpha's mining practices. Their demonstration included a 250-gallon tanker with black water and a 55-gallon drum filled with concrete.

Alpha has more than 160 mines and processing plants in Kentucky, Pennsylvania, Virginia, West Virginia and Wyoming. The company called the demonstration a waste of emergency responders' time.

Procter & Gamble bring back former CEO

NEW YORK -- Household products giant Procter & Gamble Co. is hoping its former CEO can work his magic once again.

The Cincinnati company said late Thursday that former CEO A.G. Lafley, a 33-year industry veteran, is returning its top post. The surprise move comes as the world's largest consumer-products maker tries to spur growth in the face of stiff global competition.

Lafley, 65, replaces CEO Bob McDonald, effective immediately. McDonald, who will retire June 30 after a transition period, has served as CEO since 2009.

The 175-year-old company's Tide detergent, Crest toothpaste and other products can be found in 98 percent of American households. But it is struggling to grow.

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