NEW YORK – Stock mutual funds turned in their second straight winning quarter over the summer, achieving strong gains as investors’ confidence in the economy and corporate earnings swelled. Fundtracker Lipper Inc. said diversified stock funds have produced third-quarter gains of 5.34 percent overall so far, and that sector funds produced 6.68 percent gains.
Bond funds, by contrast, suffered their biggest one-month outflows in at least 20 years last month, as investors withdrew a net $15.3 billion while they poured $26 billion into stock funds. – ASSOCIATED PRESS
Hub biz index up
The Greater Boston Chamber of Commerce’s leading industries index rose slightly to 105.1 last month, pushed by hiring in key business sectors. Even though the state’s jobless rate jumped to 5.8 percent last month from 5.4 percent in July, the chamber said the financial services, high-tech, visitor and health care industries sectors showed gains reflected in its monthly economic index. – STAFF
Chevys sale off
Consolidated Restaurant Operations Inc. yesterday canceled a deal to buy 89 Chevys Inc. restaurants from Boston private equity firm J.W. Childs Associates, citing recently passed laws in California requiring larger employers to provide health insurance to workers starting in 2006.
Chevys, which Childs bought in 1997, is based in Emeryville, Calif., and employs about 4,000 workers in the Golden State. – BLOOMBERG
Airlines want info
American airlines say they want assurances the government will protect passenger privacy before they hand over customer data to test a new federal security system, after JetBlue Airways Corp. was criticized – and sued – for revealing traveler data to a federal contractor. – BLOOMBERG
WTC insurance bid lost
NEW YORK – World Trade Center leaseholder Larry Silverstein lost a bid in federal appeals court yesterday to double his insurance loss limits by counting the destruction of the towers as two separate attacks. The court said a jury must decide the issue. – ASSOCIATED PRESS
SEC report expected
WASHINGTON – The Securities and Exchange Commission on Monday will release long-awaited staff recommendations for regulating hedge funds sources said include forcing more fund managers to register with the SEC and permit regulators to examine their trading strategies.
The moves would be initial steps toward pulling back the curtain on a fast-growing and loosely regulated corner of the the financial world. – REUTERS
