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Stocks ended mostly lower Friday as investors continued to react to the week’s downbeat economic reports that have raised concern about a double-dip recession.

The Dow Jones industrial average (INDU) lost 58 points, or 0.6%, to close at 10,213 and the S&P 500 (SPX) fell 4 points, or 0.4%, to close at 1,072, according to early tallies. It was the second straight week of losses for the two indexes.

Meanwhile, the tech-heavy Nasdaq (COMP) composite gained less than a point to 2,180, and up slightly overall for the week.

Stocks tumbled Thursday after three key economic reports slammed confidence. Weekly jobless claims rose to their highest level since November, manufacturing activity in the Philadelphia region slowed, and a key measure of future economic activity was less than had hoped.

The Dow lost 1.4%, while the S&P 500 and Nasdaq both shed 1.7%.

"When the area of great concern in the market place (jobs) gets a dismal report and the bright spot in the economy (manufacturing) gets whacked into oblivion, fear came back into the marketplace," Phil Flynn, a senior market analyst with PFG Best, said in a note to investors. "Some call it the risk aversion trade but I say that’s a polite way of saying people are scared."

Weak economic reports have spurred worries about a slower recovery this summer, but bullish traders have been eager to put those fears on the back burner amid some strong earnings from Fortune 500 companies in the last few weeks. Now that the quarterly reports are tapering off, some of those gloomy economic reports are once again taking over the spotlight.

"Investors remain on edge over the direction of the economy," said Peter Cardillo, chief market economist at Avalon Partners. "Recent economic reports, especially employment data, continue to be a worry for the market and overshadow the good news, including the expansion of corporate America."

While takeover activity and merger deals are picking up steam, a sign that companies are preparing for "better times," Cardillo said the market is still debating whether the economy is headed for a double-dip recession personal loan for poor credit.

Companies: Shares of Research in Motion (RIMM) dropped 3.4% to $48.72 after analysts at Morgan Stanley downgraded the BlackBerry maker to a "sell" rating because the company could lose market share more quickly than previously anticipated.

The downgrade sent the stock inching closer to the company’s 52-week low of $47.42 a share.

Economy: State unemployment turned gloomier in July, with jobless rates rising in 14 states and remaining unchanged in another 18. But 18 states and the District of Columbia saw a decrease in their unemployment rates, according to the Labor Department’s monthly report on state unemployment.

The state unemployment picture was slightly worse than in June, when jobless rates eased in more than half of all U.S. states for a third straight month and only five states reported jobless rate increases.

The report came a day after a separate government reading showed the number of Americans filing for unemployment insurance unexpectedly surged last week.

World markets: European shares closed lower. Germany’s DAX fell 1.2% and the CAC 40 in France slipped 1.3%. Britain’s FTSE 100 was 0.3% lower.

Asian markets ended the session in negative territory. Japan’s Nikkei led declines in the region, sinking nearly 2%. The Shanghai Composite dropped 1.7% and the Hang Seng in Hong Kong fell 0.4%.

Currencies and commodities: The dollar rose against the euro, the U.K. pound and the Japanese yen.

Oil futures for September delivery settled down 97 cents to $73.46 a barrel. Gold for December delivery slipped $6.60 to settle at $1,228.80.

Bonds: Prices for Treasurys dipped in afternoon trading, sending the yield on the 10-year note up to 2.61% from 2.57% late Thursday. Bond prices and yields move in opposite directions. 

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Clayco Inc. announced a new partnership Tuesday with the Occupational Safety and Health Administration (OSHA) to create safety standards during construction of a $132 million patient pavilion at Missouri Baptist Medical Center in Town & Country.

Project partners Clayco, Legacy Building Group, Murphy Company, Sachs Electric and the OSHA-St Louis office said they pledged support of a continued commitment to safety on the jobsite. The subcontractors involved in the project will also be incorporated into the partnership upon selection.

“The primary goal is to eliminate work-related injuries and incidents for the state-of-the-art medical facility through identification and promotion of construction safety strategies,” Clayco Chief Safety Officer Todd Friis said in a statement.

The West Pavilion project is part of a multiyear plan to add nearly a million square feet to Missouri Baptist, an affiliate of BJC HealthCare. The hospital is building a six-story, 227,000-square-foot West Pavilion patient tower at its Town & Country campus. The facility will feature 96 additional private hospital rooms and the necessary space for future expansions at Missouri Baptist Medical Center saving account pay day loan. In addition, a new 160,000-square-foot, 460-car parking garage will be constructed of structural steel and slab on deck construction.

The partnership is also supported by Missouri Baptist Medical Center, HOK, KJWW Engineering Consultants, the Associated General Contractors of St Louis, the Carpenters District Council of Greater St Louis and Vicinity, the St Louis Building & Construction Trades Council, the Eastern Missouri Laborers’ District Council, the International Brotherhood of Electrical Workers Local One, the Plumbers’ and Pipefitters’ Local 562 and the Sheet Metal Workers’ Local 36.

St. Louis-based Clayco Inc., led by Chairman and Chief Executive Bob Clark, is one of the largest privately held companies in the area with annual revenue of $755 million. It also has offices in Chicago, Detroit and Washington, D.C.

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A coalition of 38 states is pressing Google to answer for its unintentional collection of personal data through unsecured private wi-fi networks from its Street View cars.

Connecticut Attorney General Richard Blumenthal, who is leading the multistate investigation, asked the Internet giant whether it had tested its Street View software before use.

That check "should have revealed that the program collected data transmitted over wireless computer network," Blumenthal said in a letter to the company Wednesday.

Blumenthal also asked what Google has done with the data, particularly if it has sold or used the information. He also requested that Google identify the individuals responsible for including the snooping code into the Street View software and the specific locations where the unauthorized data was collected.

"We will take all appropriate steps - including potential legal action if warranted - to obtain complete, comprehensive answers," Blumenthal said payday loans. "Our multistate investigation will determine whether laws were broken and whether legislation is necessary to prevent future privacy breaches."

Google first disclosed that it had mistakenly collected "payload data," which includes what websites people are visiting, from wi-fi networks that were not password-protected in May.

The information was gathered and stored while Google’s Street View cars drove around the world collecting images for the company’s mapping service using local wi-fi hotspots.

Blumenthal launched the investigation last month. Backing the probe are a growing number of states - including Texas, Florida and New York - as well as Washington, D.C.  

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Healthcare Trust of America Inc. bought a medical office building in Stockbridge, Ga., for $8.1 million.

Overlook at Eagle's Landing, in Henry County, is 100 percent occupied. It opened in 2004 and is less than one-half mile from the 215-bed Henry Medical Center.

Scottsdale, Ariz.-based Healthcare Trust also owns Southcrest Medical Plaza I and II in Stockbridge, Marietta Health Park in Riverdale, Fayette Medical Office in Fayetteville, and 4000 Shakerag Hill Road in Peachtree City payday loan online.

"This acquisition continues our Atlanta expansion focused in attractive sub-markets, bringing our total Atlanta portfolio to over a half million square feet while generating greater market presence for HTA with the region's health-care providers," said Mark D. Engstrom, executive vice president of acquisitions, in a statement.

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Tesla Motors Inc. has shown potential investors "freaking bad ass" plans for electric SUVs, cabriolets and vans to follow its planned sedan.

The potential new models are shown in a road show given by CEO Elon Musk leading up to the expected $185 million initial public offering by the company on June 29. Toyota Motor Corp. has pledged to buy another $50 million in Tesla stock after the IPO.

"Freaking bad ass" is how he describes the variations on the Model S sedan the Palo Alto expects to start making in 2012 at the former New United Motor Manufacturing Inc. plant in Fremont. To see the Tesla IPO presentation click here.

Unlike the company's only existing electric car that it has actually delivered, the Roadster, the sedan and other models shown in the road show would be completely built by Tesla. The sports car body and frame is now produced by Lotus, whose British factory is closing for renovations before Tesla can produce its sedan, causing a gap during which the company will be delivering no cars.

Tesla last week discussed in a blog posting how it plans to build the sedan at the NUMMI plant.

If the Toyota-Tesla partnership proceeds as outlined, the companies could also be producing electric vehicles together in Fremont, with speculation centering on an all-electric version of the hybrid Prius.

Toyota's announcement last week that it plans to restart a plant in Mississippi to build Corollas has fueled further speculation that hybrid Prius manufacturing could happen at the plant the Japanese auto maker abandoned in April. The Mississippi plant had once been touted for Prius production as well.

To read more of the Business Journal's in-depth coverage of Tesla, click here.

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LSI Industries announced Tuesday that it will close its LSI Greenlee Lighting plant in Dallas and consolidate the operations in Cincinnati.

The Dallas plant employs 40. The closing will take place in phases over six months, with about five to six engineering and sales employees remaining in Dallas, said Chief Financial Officer Ron Stowell. The plant manufactures outdoor architectural and landscape lighting, he said.

LSI said in a news release that it is consolidating the operations to centralize its manufacturing operations, lower costs and improve how it uses space in its Cincinnati plant. Besides its Dallas and Cincinnati plants, LSI has 13 other facilities in the U payday advance low fees.S. and Canada.

The company said it will try to sublease the 40,000-square-foot Dallas plant. Its lease on the building extends to February 2012.

LSI Industries (NASDAQ: LYTS), headquartered in Blue Ash, designs and manufactures lighting fixtures and graphic elements for the retail, specialty niche and commercial markets. The company posted sales of $53.5 million and a net loss of $2.5 million for its fiscal third quarter.

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Wall Street’s key measure of volatility skyrocketed on Thursday, as all major stock indexes plummeted on concerns about the European debt crisis.

The CBOE Volatility (VIX) index, or the VIX, jumped 31.2% to 46.35, after surging as high as 46.37 earlier in the session.

Stocks fell sharply, with the Dow Jones industrial average (INDU) plunging more than 200 points, or 2.7%, after sinking as much as 328 points earlier in the session.

Year to date, the VIX has risen 114%. It’s up more than 73% over the past five days alone. Just four weeks ago, the VIX was at a three-year low.

A VIX reading higher than 30 is considered a sign that investors are getting worried. But even at Thursday’s highs, the VIX is still way below the peak level of almost 90 hit in October 2008 — after Lehman Brothers collapsed.

Concerns about European debt have battered global stocks and spilled over into U.S. markets. The European Union and International Monetary Fund hammered out a $1 trillion European aid package, but that has failed to assuage worries payday loan lenders in states.

Some investors fear that even the massive bailout won’t be enough to contain debt problems from spreading throughout Europe. Earlier this month, riots in Greece turned deadly with protesters enraged over severe new government austerity measures.

Other countries, including Portugal and Spain, also announced budget cuts to avoid problems seen in debt-choked Greece — but investors worry that could hamper fragile recovery. Those fears sent the euro spiraling to a four-year low, which set off alarm bells for market participants.

European shares also felt the blow Thursday, closing lower to extend the previous session’s sharp drop. Britain’s FTSE 100 was down 2%, France’s CAC 40 fell 4.2% and Germany’s DAX lost 2%. 

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The Pentagon is telling bidders for a major tanker project to be ready to start the contract on Nov. 12.

The contract is worth at least $35 billion to build 179 refueling jets. Bids are expected from Boeing Co. and European Aeronautic Defence and Space Co.

Pentagon spokesman Geoff Morrell said Tuesday that the Pentagon still hopes to award the contract in the fall, but that it set the Nov. 12 start date so that bidders could plan around it.

The request for proposals calls for the contract to be awarded on Aug. 12. That has appeared unlikely since the Pentagon extended the bidding deadline by two months, until July 9, so that EADS could bid.

The Nov. 12 date was set in an update on the tanker posted on a federal procurement website on Thursday. It includes a question about the estimated date the contract will be awarded. The answer says bidders should "prepare their proposals assuming a contract start date" of Nov. 12. Morrell said the contract start date is not the same as the date it will be awarded.

The Pentagon has said it will try to compress the time between when the bids come in and when it picks a winning bidder.

The Air Force needs to replace its KC-135 refueling tankers, which date to the 1950s. It has been trying to pick someone to make the new tanker since 2003.

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Source: KV Pharmaceutical Co.

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It’s official: Californians will decide whether legal marijuana should be used to plug the state’s $20 billion budget gap.

California residents are expected to vote this year on whether legalization should be approved to raise nearly $1.4 billion in state revenue. That’s based on an estimate from the State Board of Equalization, a tax administration agency.

"It would be another source of revenue for the state," said Anita Gore, spokeswoman for the board. The board has not issued an opinion on legalization as a means of easing the state’s budget crisis, she added.

California Secretary Debra Brown confirmed on Wednesday that enough signatures had been collected to put AB 390, a marijuana legalization bill, on the ballot for Nov. 2. A press release from the secretary said that legalization proponents submitted 694,248 petition signatures for the bill, easily surpassing the required 433,791.

"The momentum for reform has grown exponentially since we introduced the bill last year," said Quitin Mecke, spokesman for Assemblyman Tom Ammiano, D-San Francisco, the lead sponsor of the bill. "We’re excited about the prospect to reform drug laws again."

Mecke noted that California was the first state to pass legislation allowing medicinal marijuana, 14 years ago.

Unlike prior legislation that has passed in California and other states, this form of legalization is not restricted to medicinal use of marijuana pay day loan lenders. The bill proposes that marijuana be regulated and taxed in a similar way to alcohol.

According to the bill, people would have to be 21 years or older "to possess, cultivate, or transport marijuana for personal use." Californians would not be permitted to use the drug in public or within the presence of minors, and would not be allowed to possess it on school grounds.

Most importantly, as far as the budget gap is concerned, the bill stipulates that the drug would be subject to a sales tax. An additional retail fee of $50 would be imposed on every ounce that’s sold.

The State Board of Equalization estimates that the state could raise $1.382 billion in annual tax revenues from legal marijuana. The figure is based on estimated revenue of $990 million from the retail fees and $392 million from sales taxes.

"With the state in the midst of an historic economic crisis, the move towards regulating and taxing marijuana is simply common sense," Ammiano said in a press release when he first proposed the bill last year.

Also, Mecke said that legalization could prompt the state to "reallocate" more than $300 million in law enforcement spending away from non-violent drug activity to address violent crimes.  

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