April 4, 2007

the S&P 500 rose 0.1% to close at 1,439

2 news clips from this day

▶ Watch on the interactive crisis timeline

DaimlerChrysler urged to sell Chrysler; Best Buy tops Circuit City

CBS News

Transcript

[Music] Daimler Chrysler shareholders urged the company to sell its unprofitable Chrysler unit and focus on its Mercedes car group and other operations. The shareholder comments came at the company's annual meeting after the auto giant confirmed it is in talks with unidentified buyers about a possible sale of Chrysler. On Wall Street, the Dow Jones Industrial Average adding 19 points. The NASDAQ tacking on eight points in the session. Meanwhile, crude oil prices fell to just above $64 a barrel after Iranian President Makmoud Ahmad said he would release 15 British sailors being held captive by Thran, ending a diplomatic crisis that had threatened oil supplies in the region. Now, Best Buy pulled further ahead of consumer electronics retail rival Circuit City, reporting an 18.5% surge in its fourth quarter profit, while Circuit City reported a loss of more than 12 million. Best Buy is crediting strong sales of flat panel televisions for the gains. And shoppers heading to the grocery store to buy Easter eggs are in for sticker shock as a surge in demand for corn to make ethanol has boosted feed costs for egg producers. The average retail price for a dozen large eggs was $151 in the first quarter. That's 43 cents higher than a year ago according to the American Farm Bureau Federation. And that's your money watch. Log on to cbsnews.com for all the today's business headlines in New York. I'm Claire Leica.

Dow jumps 128, 5-week high; RadioShack sued for ID theft

CBS News

Transcript

[Music] Having trouble making ends meet in retirement? You may be owed some pension money. The government says a total of 133 million in retirement benefits have gone unclaimed. Some 32,000 people are owed money. The average unclaimed benefit about $5,000. On Wall Street, sliding oil prices and some good news out of the housing market help put investors in a buying mood. The Dow climbed 128 points to its highest level in five weeks. The Nasdaq gained 28. Radio Shack is in hot water with officials in Texas. The state attorney general there says the electronics retailer exposed customers to potential identity theft by dumping information like addresses and credit card numbers in a trash bin behind its store. Texas can seek up to $50,000 per violation in a civil suit. It's just the latest in a series of incidents raising concerns about ID theft risks in the retail sector. And the European Union wants to take a bite out of Apple. The EU has launched an antitrust probe into the way iTunes sells music with major music companies. The EU says iTunes territorial sales restrictions, which allow people to download music only from the iTunes in their country, violate fair competition rules. That's your money watch. Be sure to log on to cbsnews.com for more business headlines. in New York. I'm Alexis Christopherus.