Stocks gained modest ground. The Dow rose 18 points to 10,216.
The S&P was up less than a point, while the Nasdaq added 2 points.
- Alcoa reports a profit for the second quarter, selling more aluminum to the commercial vehicles, packaging and construction markets. The Pittsburgh-based manufacturing giant kicked off the earnings season with a gain of 13 cents a share.
- Consumer Reports says the iPhone 4's reception problems are caused by its antenna design. It says several phones were tested using AT&T's network, but only the iPhone 4 seemed to have the problem. As a result, Consumer Reports says the iPhone 4 will not be marked "recommended" on its updated smart phone ratings list.
- The price of crude oil fell as the dollar strengthened. Benchmark crude lost $1.14 to settle at $74.95 a barrel on the New York Mercantile Exchange.
- Hugh Hefner's offer to take Playboy Enterprises private has drawn a promise of a competing bid from the owner of archrival Penthouse magazine. That raises the possibility that Playboy's 84-year-old founder could lose control of the men's magazine he started more than half a century ago.