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August 19, 2011 04:31 PM

Friday Evening Business Brief


A down day capped another down week for stocks. The Dow lost almost 173 points today, or 1.6 percent, and closed at 10,817. It was off 4 percent for the week.

  • Gold continues to sparkle as nervous investors worry about the potential for a slower global economy. The precious metal rose $30.20 to end Friday at $1,852.20 an ounce, a record and its fifth straight day of gains. Gold is up about 30 percent this year.
  • Regulators have closed a bank in Florida, lifting to 66 the number of U.S. bank failures this year. The
    Federal Deposit Insurance Corp. seized Lydian Private Bank, based in Palm Beach.
  • Safety inspectors who leave the Federal Aviation Administration will be barred for two years from going to work for an airline they oversaw. That's under a new rule intended to prevent ethics abuses.
  • Oil ended the day below $83 a barrel. It finished down about 4 percent for the week, on fears that another recession could cut demand for energy.

     
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