IN BRIEF
NEW YORK
Commodities sell-off starts search for bubble
Investors are fleeing commodities in another massive exodus, reviving debate about whether the futures bubble has burst or is just going through a temporary contraction.
Crude tumbled $5.75 to settle at $109.71 a barrel on the New York Mercantile Exchange after it appeared that Hurricane Gustav struck only a glancing blow to the Gulf of Mexico's offshore energy infrastructure.
The oil sell-off dragged virtually every major commodity lower.
Gold for December delivery fell as much as $40 an ounce on the Nymex before paring its losses to settle $24.30 lower at $805. Also on Nymex, silver shed 55.7 cents to $13.05 an ounce; and copper fell 10.7 cents to settle at $3.323 a pound.
Panel delivery delay to stall M Resort blimp
M Resort officials hoped to unveil its new M Lightship this week, but a delay in delivery of the final LED -- light-emitting diode -- panels will keep the blimp in Southern California for a few more weeks.
The specially designed M Lightship is expected to fly through the valley and broadcast messages via its 2,100-square-foot television screen about the $1 billion hotel-casino. M Resort is slated to open in the spring.
The blimp's first messages are to tout roughly 2,000 job openings at the 390-room hotel-casino.
WASHINGTON
Interest rates decline in Treasury auction
Interest rates on short-term Treasury bills fell in Tuesday's auction.
The Treasury Department auctioned $27 billion in three-month bills at a discount rate of 1.685 percent, down from 1.71 percent last week. Another $26 billion in six-month bills was auctioned at a discount rate of 1.89 percent, down from 1.925 percent last week.
Protests may force Tata to move plant
Tata Motors Ltd., India's biggest truckmaker, may relocate its factory for the world's cheapest car after protests by a political party stalled work for a fifth day.
Work at Tata's factory in Singur, West Bengal, was suspended after employees were threatened by a political party demanding the return of farmland used for the plant. Relocating the factory will put at risk Tata's plan to introduce the $2,500 car in the fourth quarter and push up costs.
NEW YORK
Pfizer brings back ads for cholesterol pill
Pfizer Inc. resumed television ads Monday for the cholesterol pill Lipitor, the world's top-selling drug, six months after stopping commercials with artificial-heart inventor Robert Jarvik that led to a congressional investigation.
The new ads use a California talent agent named John Erlendson, who had a heart attack at age 57 after not taking drugs for his high cholesterol. Pfizer, based in New York, scheduled the commercials to begin airing during ABC's "Good Morning America."
Pfizer halted its last Lipitor advertising campaign in February after a congressional committee began probing whether the ads deceived consumers because Jarvik, who isn't licensed to practice medicine, gave medical advice.
NEW YORK
Treasury prices rise as commodities costs dip
Treasury prices moved higher Tuesday as stocks and commodities prices fell and investors turned to government debt.
The benchmark 10-year Treasury note rose 0.69 points to 102.16. Its yield fell to 3.74 percent from 3.82 percent late Friday, according to BGCantor Market Data.
