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May 13, 2010 07:12 AM

Morning Business Brief

  • Stock prices posted a strong advance in the latest session, erasing last week's decline. The Dow rose 149 points to 10,897. The S&P surged 16 and the Nasdaq gained 50.
  • World stock markets have been advancing today as concerns about a European debt crisis wane and investors turn to signs of a growing global economy. Japan's benchmark Nikkei rose more than 2 percent.
  • Oil prices have fallen below $75 a barrel in electronic trading on the New York Mercantile Exchange as traders
    mull signs of tepid U.S. crude demand against growing consumption in developing economies. Supplies at the key Cushing, Oklahoma, terminal jumped to a record high.
  • Weekly jobless claims are due from the Labor Department this morning. Analysts look for a modest drop, suggesting more damage repair for the job market.
  • Aviation authorities say flights over Europe and the North Atlantic have returned to normal after ash from an Icelandic volcano caused widespread disruptions this week. The officials say the Atlantic routes used by flights between Europe and North America are clear of patches of high ash concentration. Weather forecasts suggest the ash will not likely cause air traffic disruptions in coming days.