Business Highlights

Published on NewsOK Modified: April 11, 2014 at 5:30 pm •  Published: April 11, 2014
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Once-soaring tech stocks sink in sobering comedown

SAN FRANCISCO (AP) — The stock market's laws of gravity are ravaging its highest fliers.

Just look at the list of technology trailblazers whose values have plummeted from record highs during the past few weeks. Investors have re-focused on safer sectors such as utilities, health care and consumer staples instead of companies that promise potential growth from online services that are building huge audiences.

Stung by the abrupt change in sentiment, the stocks of recent stars such as Netflix, Facebook, Twitter and LinkedIn are 20 percent to 45 percent below their recent peaks. The steep downfall is raising questions about whether this is just a fleeting fit of fickleness or the foreshadowing of another market bubble about to burst.

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Stocks fall on jitters over earnings, tech rout

NEW YORK (AP) —Investors drove the stock market lower for a second straight day Friday as they grew anxious that earnings growth was faltering.

Weaker earnings at JPMorgan Chase dragged bank stocks lower. And big drops in once-soaring tech stocks pushed the Nasdaq composite down for a third week.

Stocks fell from the open on news that JPMorgan had missed analysts' earnings estimates. Investors, who were worried that technology shares were overvalued, dumped those for a second day, with some of the biggest gainers of late falling sharply. Facebook fell 1.1 percent, after a 5 percent drop on Thursday.

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Savers beware: Fees may be shrinking your 401(k)

WASHINGTON (AP) — It's the silent enemy in our retirement accounts: High fees.

And now a new study finds that the typical 401(k) fees — adding up to a modest-sounding 1 percent a year — would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options. To compensate for the higher fees, someone would have to work an extra three years before retiring.

The study comes from the Center for American Progress, a liberal think tank. Its analysis, backed by industry and government data, suggests that U.S. workers, already struggling to save enough for retirement, are being further held back by fund costs.

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Subway: 'Yoga mat chemical' almost out of bread

NEW YORK (AP) — Subway says an ingredient dubbed the "yoga mat chemical" will be entirely phased out of its bread by next week.

The disclosure comes as Subway has suffered from an onslaught of bad publicity since a food blogger petitioned the chain to remove the ingredient.

The ingredient, azodicarbonamide, is approved by the Food and Drug Administration for use in food as a bleaching agent and dough conditioner. It can be found in a wide variety of products, including those served at McDonald's, Burger King and Starbucks and breads sold in supermarkets. But its unfamiliar name has an unappetizing ring, and the petition became a flashpoint by noting that the chemical is also used to make yoga mats and isn't approved for use in some other parts of the world.

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Major economies express confidence about growth

WASHINGTON (AP) — Finance officials of the world's major economies expressed confidence Friday that they can meet an ambitious goal of boosting global growth by $2 trillion over the next five years.

That's despite a variety of threats including rising political tensions over Russia's actions in Ukraine.

Finance ministers and central bank presidents of the leading rich and developing nations issued a joint statement that papered over substantial differences in such areas as central bank interest rate policies and whether to hit Russia with tougher sanctions because of its dealings with Ukraine.

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