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June 21, 2010 06:41 PM

Evening Business Brief


Wall Street's rally lost momentum during the session. The Dow dropped 8 points to 10,442.
The S&P fell 4 and the Nasdaq shed nearly 21 points.
  • The White House says it is encouraged by China's promise to allow flexibility in its exchange rate.  Administration officials caution that the real test depends upon follow-up actions.
  • The top House Democrat says her chamber won't vote on Senate legislation to reverse a cut in Medicare payments to doctors. House Speaker Nancy Pelosi says the bill must include elements of the Democrats' jobs agenda.
  • The price of benchmark crude oil rose a bit today. Near-month crude gained 64 cents to settle at $77.82 a barrel on the New York Mercantile Exchange.
  • Amazon.com has cut the price of its Kindle e-reader after Barnes & Noble dropped the price of its competing Nook device. Amazon says the Kindle now costs $189, down $70 from its previous price of $259. It can wirelessly download books and has a gray-and-black e-ink screen.
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