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Trade deficit down two straight months

For the first time in more than two years, the U.S. trade deficit has declined for two months in a row. The main reasons: record U.S. exports and a big drop in the country's foreign oil bill. The trade gap narrowed to $62-billion in March, the smallest deficit in seven months, the Commerce Department reported Friday. It was down from a $65.6-billion imbalance in February and a record of $68.6-billion in January. Private economists, who had expected the March deficit to rise to $67-billion, said the monthly deficit numbers were likely to worsen again in coming months, reflecting the recent surge in oil prices.

Traders plead guilty to securities fraud

Two specialists who managed trades on the floor of the New York Stock Exchange pleaded guilty Friday to securities fraud in what a prosecutor called a "groundbreaking" development in a new area of prosecution. Joseph Bongiorno, 51, and Patrick McGagh Jr., 40, entered the pleas in U.S. District Court in Manhattan, admitting they put their companies' orders ahead of customers' orders. Assistant U.S. Attorney Lauren Goldberg said the pleas "are groundbreaking on their own because they are expected to change the tenor" of cases against a dozen specialists facing criminal charges in a case brought last year.

Stocks end week with another big loss

Stocks faced a second day of steep losses Friday as the dollar weakened and bonds prices fell after data showing higher import prices stoked the market's inflation worries. The major indexes declined sharply this week. A rebound in prices for imported goods further rattled investors worried about interest rates. The Dow lost 119.74, or 1.04 percent, to 11,380.99. The Dow sank 142 points in Thursday's session, its biggest single-day drop since falling 213 points on Jan. 19. The Standard & Poor's 500 index fell 14.68, or 1.12 percent, to 1,291.24, and the Nasdaq composite index dropped 28.92, or 1.27 percent, to 2,243.78.

Microsoft oversight to extend after lapses

Citing Microsoft Corp.'s lapses under a landmark antitrust settlement, the Justice Department said Friday it wants to extend by two years its oversight of some of the company's business practices until at least November 2009. Microsoft has agreed to the lengthier scrutiny by the department and 17 states under a proposal that must be approved by a U.S. judge. The company has struggled with a key provision in the 2002 antitrust settlement requiring it to disclose to its competitors sensitive details about some of its software.

Note to readers

The Times' weekend financial pages have a different look today and Sunday that we hope will serve readers better. The weekly mutual fund listings will move from Sunday to Saturday, where they will appear along with the weekly stock listings. A new weekly income report will debut in Sunday's Business section. That report will include money market mutual fund listings, high-yielding bank CDs and money market accounts, New York and American Stock Exchange bonds, and the weekly Florida bond fund report.

CORRECTION

A photograph caption that ran with a story on Floral City Airboats Friday included too many names. The correct caption appears on Page 2D.

[Last modified May 13, 2006, 08:03:22]