Coastal destinations rank at top in Conde Nast Traveler
HILTON HEAD The Inn at Palmetto Bluff was ranked No. 17 among the nation’s hotels in the Conde Nast Traveler readers’ choice awards. Readers gave it high marks for its “superb Southern-style service” and “secluded, immaculate and spacious” rustic cottages. “You can do everything … or nothing, and be blissfully happy either way,” according to one reader’s response. Charleston ranked as the top worldwide city destination, with eight hotels scoring above 90. It was also ranked as the top U.S. city for a second year in a row. Hilton Head Island made the list of top-10 islands in the United States, at No. 8. Kiawah Island was ranked third.
Stocks end week on low note
NEW YORK Indexes closed lower on Wall Street during a light trading day, closing out a dreary week for the stock market. The Dow Jones industrial average fell 72 points, or 0.5 percent, to 15,425 Friday. The Standard & Poor’s 500 index was down six points, or 0.4 percent, at 1,691. The Nasdaq composite was down nine points, or 0.3 percent, at 3,660. The Dow fell 1.5 percent over the week, its first weekly loss since June. It closed at a record high one week ago. The market has been slipping this week as companies report mixed earnings and disappointing revenue. One of Friday’s big winners was Priceline.com, which came close to becoming the first stock in the Standard & Poor’s 500 index to cross $1,000. Investors jumped onboard after the travel booking company reported better than expected second-quarter earnings. The stock rose to almost $995 before leveling off. The stock closed at $969.89.
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Obama lists possible Bernanke replacements
WASHINGTON President Barack Obama says he has a range of outstanding candidates to lead the Federal Reserve and calls Lawrence Summers and Janet Yellen highly qualified to become the next Fed chairman. Obama says in a White House news conference that he decided to push back against people who are urging him not to pick Summers because he saw his former economic adviser, in his words, “getting slapped around the press for no reason.” Summers served as the head of the National Economic Council during Obama’s first term. Yellen is the vice chairwoman of the Fed. Obama says he will decide in the fall whom to nominate to succeed the Fed’s outgoing chairman, Dillon native Ben Bernanke.
Greeting card company goes private
NEW YORK The card company American Greetings is no longer trading on the New York Stock Exchange after being taken private by the family that has run the company for more than a century. The Weiss family said it would acquire the Cleveland company in April, along with a group of investors. The deal, which closed Friday, values the company at about $580 million, or $878 million including assumed debt and the settlement of stock options. Chief Operating Officer Jeff Weiss says the family is excited to return the company to its roots as a family-owned business.
The (Hilton Head) Island Packet and The Associated Press contributed.