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July 26, 2010 06:36 PM

Evening Business Brief

Stock prices shot higher to begin the week, helping the Dow to turn positive for the year.
The Dow was up nearly 101 points to 10,525. The S&P was up 12 and the Nasdaq surged about 27 points.
  • A person familiar with the matter says BP CEO Tony Hayward will step down from the post in October. BP's board was meeting today in London to decide Hayward's fate.
  • Ford has unveiled a newly designed Explorer SUV. The 2011 model is more car-like, built on the same platform as the Taurus X sedan. It also promises improvements in fuel efficiency.
  • Oil prices were unchanged after drifting above $79 a barrel in today's trading. Benchmark crude settled at $78.98 on the New York Mercantile Exchange.
  • Moody's Investors Service says it expects the new law overhauling financial regulations in the U.S. will strengthen ratings of banks and other institutions over the long haul. But it cautions debt and deposit ratings could come under pressure if government support measures for financial institutions are removed at a faster pace than banks can improve their financial strength.

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