Index

Between now and next year's presidential election, you may hear a lot about the misery index. No, I'm not talking about the death metal band by that name formed in Baltimore, although you may hear more about it, them, too. (Some of its stuff could be the soundtrack for Occupy Wall Street rallies.) This is about the macroeconomic indicator conceived by economist Arthur Okun. The misery index became part of 1970s pop culture when Jimmy Carter wielded it to defeat incumbent Gerald R. Ford for the White House.

The National Weather Service was calling for Monday to be mostly cloudy in the Baltimore area, with a high near 91 degrees and calm winds becoming easterly around 6 miles per hour. Heat index values will be as high as 100. Showers and thunderstorms are likely, mainly after noon. The chance of precipitation is 70 percent. Rainfall amounts may range from a quarter of an inch to half an inch. Monday night was expected to be mostly cloudy, with a low around 74 degrees and southeast winds around 5 miles per hour becoming calm.

The National Weather Service was calling for Wednesday to be mostly sunny in the Baltimore area with a high near 95 degrees and east winds 3 to 6 miles per hour. Heat index values will be as high as 102. There is a chance of isolated showers and thunderstorms after 2 p.m. It will be mostly clear at night, with temperatures dropping to 77 degrees. The city has opened its cooling centers Wednesday through Friday to provide free air conditioning and water for residents. In addition, city residents can seek relief from the heat at any branch of the Enoch Pratt Free Library , during normal business hours.

CHICAGO - Americans' confidence in the economy improved modestly in January for the third straight month, as they begin to feel slightly better about business conditions and the job picture, according to a survey released Tuesday. The Conference Board's Consumer Confidence Index increased to 55.9 - the highest in more than a year but still relatively gloomy. That compares with 53.6 in December. Economists watch confidence numbers because consumer spending accounts for about 70 percent of U.S. economic activity.

NEW YORK - Shares of Linthicum-based Ciena Corp. took a hit Monday after Standard & Poor's announced the telecommunications equipment maker would be replaced by Visa Inc. on the S&P 500 index. S&P said Friday that Visa would take Ciena's place on the index Dec. 18 because Ciena is one of several companies in the index no longer representative of the market indicator. Dynegy Inc., KB Home Inc. and Convergys Corp. are being dropped from the S&P 500, too. Ciena provides communications networking equipment, software and services.

Fixture maker moves to Columbia St. Louis-based idX Baltimore, a manufacturer of fixtures for stores and custom millwork products, signed a lease for 434,490 square feet in Columbia Gateway Commerce Center in Columbia, commercial real estate firm CB Richard Ellis said Tuesday. The manufacturer will be moving from two separate buildings in Odenton to 8901 Snowden River Parkway. Sears had most recently occupied the building that idX is leasing. The building's landlord, real estate investment manager RREEF, bought the industrial building and two others in the park for $125 million in 2007.

The poor Dow Jones industrial average. It's under attack again, and not just by fearful investors dumping shares and driving it toward 7,000. "Some critics say the Dow is an inherently flawed gauge of overall market activity," The New York Times reported in 1986. They're still saying it, only louder. Poorly designed, more than a century old, the Dow is less relevant than ever. For all the alarm it is causing, the diving Dow actually understates the fear in the economy and the stock market.

NEW YORK -Three months after it looked like the stock market had hit rock bottom, the Dow Jones industrial average slumped yesterday to a six-year low. The Dow skidded 89.68 points, or 1.2 percent, to 7,465.95 - sagging below its 7,552.29 mark during the market sell-off in November 2008 and raising worries that share prices overall are poised for another steep fall. The world's best-known market barometer has fallen 15 percent in the seven weeks since New Year's Day and is at its lowest since October 2002.

Comcast 4Q profit falls with write-down PHILADELPHIA : Comcast Corp., the nation's largest cable TV provider, said yesterday that its fourth-quarter earnings fell 32 percent, hampered by a $600 million write-down of its investment in wireless technology provider Clearwire Corp. Comcast's revenue and adjusted earnings beat Wall Street estimates, and the company raised its dividend 8 percent. However, the Philadelphia-based company showed markedly slower growth in its video, high-speed Internet and phone businesses.

NEW YORK - As if to underscore the daunting financial mess confronting President Barack Obama, a fresh plunge in banking stocks yesterday dragged the stock market to its worst loss of the new year. The Dow Jones industrial average tumbled more than 300 points as it, and other major stock indexes closed at their lowest levels since Nov. 20, the day that has marked the bottom of the bear market that began more than a year ago. The sell-off, triggered by anxiety about the depth of the banking crisis and its effect on the economy, raised fear that stocks might skid below that November trough.