IN BRIEF

Gambling companies extend agreement

Progressive Gaming International Corp. said Friday it extended the exclusivity agreement with Shuffle Master through Sept. 17, to complete the final stages of legal documentation necessary to execute agreements for the sale of Progressive's worldwide table games sale to Shuffle Master.

Shuffle Master said July 12 it would buy the Progressive Gaming division for an undisclosed price.

Shuffle Master shares fell 56 cents, or 3.52 percent, Friday to close at $15.34. Progressive Gaming shares fell 13 cents, or 2.33 percent, to close at $5.46.

Sinking dollar boosts prices for gold, silver

Gold rose to the highest since May 2006 as a decline in the value of the dollar boosted the appeal of the precious metal as an alternative investment. Silver also gained.

This week's rally in gold was the biggest since November, and the metal has gained 11 percent this year as the dollar declined 4.2 percent.

Gold futures for December delivery rose $5.10, or 0.7 percent, to $709.70 an ounce on the Comex division of the New York Mercantile Exchange. The price earlier reached $716.60, the highest since May 17, 2006. For the week, gold was up 4.1 percent, the most since the week ending Nov. 3.

Silver futures for December delivery rose 22.7 cents, or 1.8 percent, to $12.76 an ounce on the Comex. The price rose 4.3 percent this week. It's still down 1.4 percent for the year.

NEW YORK

Wall Street plunges after payroll report

Wall Street plunged while bonds surged higher Friday after the government reported payrolls in August fell for the first time in four years rather than rising as had been expected. The Dow Jones industrial average fell nearly 250 points.

Investors were taken aback by the Labor Department's report that payrolls dropped by 4,000 in August, the first decline since August 2003. Economists had forecast payrolls would increase by 110,000. The unemployment rate held steady at 4.6 percent as expected.

The Dow fell 249.97, or 1.87 percent, to 13,113.38.

Broader stock indicators also skidded. The Standard & Poor's 500 index fell 25.00, or 1.69 percent, to 1,453.55, and the Nasdaq composite index fell 48.62, or 1.86 percent, to 2,565.70.

The three major indexes, though still in positive territory for the year, all finished the week down more than 1 percent.

Governor renames Wagner to commission

Gov. Jim Gibbons on Friday said he is reappointing Rebecca Wagner to the three-member Public Utilities Commission.

Wagner joined a geothermal energy company in 1997. She later served as public information officer at the Public Utilities Commission and energy adviser to then Gov. Kenny Guinn. She agreed to complete the term of then Commissioner Carl Linvill in 2006, and Linvill replaced her as energy adviser.

Her new term expires in 2011. Her annual salary is $112,500.

DETROIT

Chrysler chief plans to keep three brands

Chrysler's new Chairman and CEO Bob Nardelli said Friday he plans to keep the automaker's three brands but could cut some products as he leads the company through a restructuring.

"Clearly Chrysler, Dodge and Jeep are all very, very valuable brands," Nardelli said after a speech to the Automotive Press Association. "I think we have to look very hard at some of the product within those brands."

In one of his first public appearances since becoming chairman last month, Nardelli wouldn't say which vehicles might go. Those struggling are the Dodge Magnum wagon, which had sales drop 35 percent in this year's first eight months, and the aging PT Cruiser, which had sales slide 25 percent.

Countrywide Financial to cut staff 20 percent

Countrywide Financial Corp., the nation's biggest mortgage company, may reduce its work force by 10,000 to 12,000 in the next three months, a 20 percent cut.

New mortgages probably will drop 25 percent in 2008 from this year's levels, the Calabasas, Calif.-based company said in a statement. IndyMac Bancorp, the second-biggest mortgage company, said earlier Friday that its work force will shrink by 1,000 jobs, or about 10 percent.

Countrywide's cuts are the biggest in the mortgage industry during the worst housing slump in 16 years.

DALLAS

Shareholders grant OK to buyout of TXU

The biggest power generator in Texas could soon belong to private owners, after shareholders of TXU Corp. voted Friday to sell the company for $32 billion in one of the largest leveraged buyouts ever.

Investors led by private equity firms Kohlberg Kravis Roberts & Co. and TPG, formerly Texas Pacific Group, hope to get the last regulatory approval and complete the deal in the next few weeks.

Deals this size may become rare as banks become reluctant to finance big takeovers because they are struggling to resell buyout debt to investors

NEW YORK

Treasury prices rally after news on jobs

Treasury prices rallied Friday after news that the economy shed 4,000 jobs last month stunned investors expecting an increase of more than 100,000 and prompted debate about the possibility of a recession.

The benchmark 10-year Treasury note closed up 1 5/32 at 103 with a yield of 4.37 percent, down from 4.50 percent at Thursday's close. Prices and yields move in opposite directions.

The 30-year long bond finished 1.47 higher at 10456 with a 4.72 percent yield, against 4.79 percent at Thursday's close.

The 2-year note gained 0.31 points to 100.16 with a 3.91 percent yield, down from 4.07 percent on Thursday.