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August 29, 2011 05:35 PM

Monday Evening Business Brief

Stocks had a strong outing as the trading week began. The Dow gained 255 points to 11,539.
The S&P was up 2.8 percent, while the Nasdaq composite added 3.3 percent.
  • Although Irene didn't cause as much destruction as feared, it touched communities in a dozen states. It also left an estimated $3 billion to $7 billion in damage.
  • Oil prices rose today as traders saw some better than expected figures on spending. Benchmark oil was up $1.90 to settle at $87.27 per barrel in New York.
  • President Barack Obama is turning to a labor economist for a top post as the White House looks for answers on the economy ahead of the 2012 election. He's nominating Alan Krueger, a Princeton economist, to head the White House Council of Economic Advisers.
  • Precious metals prices edged lower. Gold for December delivery fell $5.70 to settle at $1,791.60 an ounce.  September silver lost 41 cents to $40.55 an ounce.

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