Dollar weakens against other currencies
NEW YORK — The dollar slipped Monday against the euro even as problems in Greece highlighted Europe’s debt crisis. The yen and pound also were stronger against the U.S. currency.
European leaders have yet to reach an agreement on additional aid for Greece. Standard & Poor’s on Monday further cut Greece’s credit rating into junk territory, saying there was a significant risk of the country defaulting on its debt.
The euro rose to $1.441 from $1.435 late Friday but fell to a record low against the Swiss franc, which investors consider a safe-haven currency. It tends to rise during periods of geopolitical tension or when investors worry about slowing global growth or, as now, whether Greece will run out of funds.
European finance officials are meeting in Brussels next week to hammer out a deal on extended aid for Greece. The European Central Bank and the German government disagree on how best to contain the crisis, leaving investors worried about the prospects of an agreement.
Investors withdraw $3 billion in May
BOSTON — Investors last month appeared to follow the adage “Sell in May,” interrupting their recent return to the stock market.
They withdrew $2.7 billion more than they deposited into stock mutual funds in May, snapping a four-month string of net deposits that began in January, Strategic Insight said Monday.
Bond funds and funds buying foreign stocks attracted net deposits as investors became less confident about the U.S. stock market amid signs that the economic recovery is weakening, the New York-based fund industry consultant said.
Yet investors have put a net $39 billion into U.S. stock funds during the first five months of 2011.
$3.4 billion in bag fees collected in 2010
NEW YORK — The government says airlines collected $3.4 billion in baggage fees last year, up 24 percent from 2009.