Low stocks, high earnings spur market
NEW YORK - The bulls returned to Wall Street on Tuesday, lured by cheaper stocks and better-than-expected earnings from some of the nation's biggest retailers.
The spending spree in technology and blue-chip stocks pushed the Dow Jones industrial average and Nasdaq composite index up more than 160 points each.
The Dow closed up 163.81 at 10,681.06, a 1.6 percent gain. The Nasdaq rose 171.55, to 3,138.27, a 5.8 percent increase, a day after closing below 3,000 for the first time in more than a year. The Standard & Poor's 500 rose 31.69, to 1,382.95.
Ford offers new tires on Explorers
DETROIT - Ford Motor Co. said Tuesday that consumers ordering 2001 Ford Explorer can substitute Goodyear tires for Firestone brands questioned in a recall the automaker blamed for a sales dropoff of the top-selling sport utility vehicle.
Ford spokeswoman Della DiPietro said she could not specify whether the move was directly related to the recall of 6.5 million Firestone tires under federal scrutiny in 119 deaths over reports of sudden tread separation, mostly on Explorers.
Ford dealers have said some customers have rejected Firestone tires on Explorers, asking that Firestone Wilderness AT tires be swapped with other brands before making the purchase.
List: Thieves prefer Honda, Toyotas
DETROIT -Honda Accords and Toyota Camrys remained atop the list of vehicles most favored by thieves last year, the National Insurance Crime Bureau said Tuesday in its latest list.
Accords and Camrys - tops on the list for the past few years - were followed by the Oldsmobile Cutlass, Chevrolet full-size pickup, Honda Civic, Toyota Corolla, Jeep Cherokee/Grand Cherokee sport utility vehicles, Chevrolet Caprice, Ford Taurus and the Chevrolet Cavalier.
Newcomers to this year's top 10 included the Caprice, Taurus and Cavalier, replacing the Ford F-series pickup, Ford Mustang and Dodge Caravan.
Playboy pulls plug on IPO
CHICAGO - Playboy Enterprises Inc. has withdrawn its plans for an initial public offering of its online business because of unfavorable market conditions, the company said Tuesday.
Playboy said it continues to explore various financing alternatives and plans to proceed with a public offering of Playboy.com when conditions improve.
Playboy.com posted a loss of $18 million through September, more than triple its loss for the same period of 1999, but revenues rose 132 percent, to $18.8 million.
Brewer introduces energy drink
ST. LOUIS - Anheuser-Busch Inc., the world's biggest brewer, plans to introduce a nonalcoholic energy drink packed with vitamins and guarana, a South American plant that is a natural source of caffeine.
The company behind the top-selling Budweiser beer is calling its orange-flavored energy drink 180, and said Tuesday it plans to introduce it in 30 major U.S. markets Jan. 15.
The name is supposed to suggest the "turnaround" or "energetic lift" that people look for in an energy drink, according to a company statement.
Company recalls Craftsman saws
WASHINGTON - A Missouri company is recalling about 3.7 million Craftsman brand radial arm saws sold during the past 40 years because of about 300 reports of severe injuries caused by incompletely guarded blades.
Emerson Tool Co., of St. Louis, is recalling the saws because they were sold without a guard that covers the entire blade, the Consumer Product Safety Commission said Tuesday.
The recalled Craftsman 8-, 8¨-, 9- and 10-inch radial arm saws have a model number beginning with 113, usually located on the base of the saw. The brand name "Craftsman" and the store name "Sears" are written on the saws.
The safety commission advises consumers to stop using their Craftsman radial arm saws immediately and call Emerson toll-free at (800) 511-2628 or visit their Web site at www.radialarmsawrecall.com to determine if their saw is recalled and to ensure they have proper instructions for its safe use.