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August 15, 2011 05:33 PM

Monday Evening Business Brief


The stock market rallied today, now having recovered all of last week's losses.
The Dow was ahead nearly 214 points to 11,483. The S&P was up 26 points, while the Nasdaq surged 47.
  • Google's $12.5 billion planed purchase of cellphone maker Motorola Mobility Holdings takes square aim at rivals Apple and Microsoft. As the largest deal Google has ever proposed, buying Motorola would push the company into phone and computer tablet manufacturing for the first time. It also risks alienating the other device makers that depend on Google's Android operating system.
  • The price of oil is back to the highest level in more than a week. Benchmark West Texas Intermediate crude for September delivery surged $2.50 to $87.88 per barrel on the New York Mercantile Exchange.
  • The card division of JPMorgan Chase says the rate at which it wrote off unpaid credit card balances fell in July to its lowest level in nearly three years. Late payments on cards also fell. It is the nation's largest credit card issuer.
  • Warren Buffett's Berkshire Hathaway company has revealed previously undisclosed investments. It has stakes in retailer Dollar General and insurance data specialist Verisk Analytics along with several other adjustments in its $52 billion U.S. stock portfolio.
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