IN BRIEF

NEW YORK

As traders seek safety, oil futures hit record

Oil futures surged to a closing record above $100 Tuesday as traders sought a haven against a dollar that is coming under increasing pressure from a shaky U.S. economy.

The greenback tumbled at one point to its lowest level ever against the euro, helping drive more money into energy futures. Supply concerns and a bullish attitude among stock traders also helped keep oil prices high.

Light, sweet crude for April delivery jumped $1.65 to settle at $100.88 a barrel on the New York Mercantile Exchange. At one point in the session, prices surged as high as $101.15.

ATLANTA

Home Depot posts first annual sales decline

Hobbled by the housing slump and a loss of market share, The Home Depot posted its first ever annual sales decline Tuesday and released a 2008 outlook that is more gloomy than that of its chief rival, Lowe's.

The Atlanta-based company, reporting fourth-quarter profits had declined more than 27 percent, said an earlier halt to a program to buy back up to $22.5 billion in Home Depot stock will continue until markets improve.

The company said it earned $671 million, or 40 cents a share, in the three months ending Feb. 3, down from a profit of $925 million, or 46 cents a share, a year earlier.

Revenue rose 1.5 percent to $17.66 billion from $17.4 billion.

Home Depot shares rose 1 cent, or 0.03 percent, Tuesday to close at $28.83 in the New York Stock Exchange.

MINNEAPOLIS

Upper-scale retailers show signs of struggle

In a slowing economy, the more upscale the retailer, it seems, the more they're struggling.

Department store operator Macy's needed a one-time tax benefit to rescue the fourth-quarter results it released Tuesday. Cheap-chic Target did better, with an 8 percent drop in quarterly earnings that was still a little higher than analysts expected. And Wal-Mart, with its strong emphasis on low prices, reported a solid fourth quarter last week.

Other examples: Nordstrom said Monday that profits fell 8.6 percent, and discounter TJX Cos. said last week that its fourth-quarter earnings rose almost 47 percent.

US Airways will join in new baggage charges

US Airways Group will join United Airlines in charging some passengers $25 to check a second piece of luggage, helping counter higher fuel costs.

The charge, which will apply to coach-cabin passengers who aren't among US Airways' most frequent fliers, is expected to generate $75 million a year in added revenue and savings, US Airways said. The carrier will assess the fee starting May 5.

US Airways' charge excludes first-class passengers, members of the carrier's frequent flier program and those of its Star Alliance partners. It will affect about 8 percent of Tempe, Ariz.-based US Airways passengers, President Scott Kirby estimated in a memo to workers.

The new policy will apply to all flights in the U.S. and between the U.S. and Canada, Latin America, the Caribbean and Europe.

NEW YORK

Treasurys decline after wholesale price report

Long-term Treasurys fell Tuesday after the latest wholesale price report raised concerns that a commodities rally has sent inflation spiraling throughout the broader economy.

The 10-year benchmark note gained 0.25 points to 97.03 with a yield of 3.86 percent, down from 3.91 percent late Monday.

The 30-year bond fell 0.18 points to 95.5 with a 4.68 percent yield, up from 4.67 percent.

The 2-year note rose 0.13 points to 100.16 with a yield of 2.03 percent, down from 2.12 percent late Monday.