IN BRIEF
Retail gasoline prices sink to four-year low
Retail gasoline prices tumbled Friday to the lowest level in nearly four years. And while crude futures rose, analysts believed it was a temporary pause in an extended, downward arc as the recession spreads.
Light, sweet crude for February delivery rose $2.36, more than 6 percent, to close at $37.71 a barrel on the New York Mercantile Exchange. Trading was closed Thursday for Christmas.
Tumbling crude prices have led to enormous declines in the price of retail gasoline.
Retail gasoline prices fell six-tenths of a penny overnight to a national average of $1.642 a gallon Friday, well below the year-ago average of $2.981 a gallon, according to AAA and the Oil Price Information Service. The last time retail prices dipped this low was in February 2004.
Gasoline prices in Las Vegas averaged $1.741 a gallon Friday, AAA said in its Daily Fuel Gauge Report. The price is down 13.7 percent from $2.017 a month ago and down 43 percent from $3.054 a year ago, AAA said.
GMAC decision raises skepticism for analysts
Several analysts expressed skepticism Friday that the Federal Reserve's decision allowing GMAC Financial Services to become a bank holding company would spur many more people to buy cars.
Daniel Alpert, managing director at investment bank Westwood Capital, said so many consumers already are struggling with existing debt that he doubts the Fed's action will cause them to take on still more.
The Fed approved GMAC's request Wednesday to become a bank holding company, authorizing it to apply for a portion of the Treasury's $700 billion bailout fund and receive emergency loans directly from the Fed.
SAN JOSE, Calif.
Wal-Mart to begin iPhone sales Sunday
Wal-Mart on Friday confirmed one of the worst kept secrets in technology: It will begin selling Apple's iPhone on Sunday.
The company's stores will sell the 8-gigabyte model for $197 and the 16-gigabyte for $297. Both of those prices are $2 less than they can be found at other outlets.
The phones will be available in some 2,500 Wal-Mart stores. The chain has about 4,000 discount, supercenter and Sam's Club outlets.
NEW YORK
Treasury prices higher after economic news
Treasury prices drifted higher in subdued trading Friday on more evidence that the global economy continues to weaken.
The 10-year Treasury note rose 0.47 points to 114.28 and its yield fell to 2.13 percent from 2.18 percent.
