Stocks inch upward...oil prices drop...McClatchy cutting 10 percent of work force

NEW YORK (AP) Stocks are now narrowly higher after trading mostly to the downside earlier in the session. Analysts say investors are unsettled by the uncertain economic outlook.

NEW YORK (AP) Oil futures have reversed course and are now lower after climbing to a record high near the $140 mark. In late-session trading, light, sweet crude for July delivery was down 92 cents on the New York Mercantile Exchange to at $133.94 a barrel.

NEW YORK (AP) The nation's third-largest newspaper publisher is cutting 1,400 jobs, or 10 percent of its work force, as part of a drive to cut costs as advertising revenues dwindle. McClatchy, which reported a 15.4 percent decline in advertising revenues in the first five months of the year, publishes 30 dailies, including The Miami Herald and the Fort Worth Star-Telegram.

NEW YORK (AP) Unhealthy trans fats in restaurant food are about to become a thing of the past in New York City. Starting July 1st, eateries will have to remove the substance from all menu items, including baked goods, frozen foods, cannoli and doughnuts.

The ban does not apply to foods served in original, sealed packaging such as candy and crackers.

LONDON (AP) The dollar was mostly lower against other major currencies in European trading today. Gold closed in London at $872.00 an ounce, up from $865.50 late Friday.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 06-16-08 1308CDT | save this article / add to your favorites list