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August 25, 2011 02:02 PM

Thursday Afternoon Business Brief

Stocks are falling in afternoon trading, erasing early gains.
Bank of America leads other bank stocks higher on news that Warren Buffett will invest $5 billion in the bank. Apple stocks are down 1 percent following the resignation of CEO Steve Jobs, who will stay on as chairman.
  • Warren Buffett has already made a profit from his company's decision to invest $5 billion in Bank of America. An hour after the deal was announced, Buffett saw a paper profit of $500 million as the bank's stock soared.
  • Oil prices are down following a report on higher U.S. unemployment claims and concerns about less demand for oil and gas. Benchmark West Texas Intermediate oil lost 95 cents at $84.18 per barrel in New York. Gasoline prices are up slightly to $3.58. 
  • East Coast refineries are bracing for the possibility that Hurricane Irene could disrupt operations. Refineries in Delaware, New Jersey, Pennsylvania and Virginia produce nearly 8 percent of the country's gasoline and diesel fuel. If they shut down due to the storm, it may push fuel prices higher.
  • Come November, private employers will have to display posters that tell workers about their right to form a union. The National Labor Relations Board has approved the new rule, which exempts some small businesses based on factors such as budget and payroll.