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August 25, 2011 06:25 PM

Thursday Evening Business Brief


A three-day winning streak for stocks came to a screeching halt.
The Dow Jones industrial average lost 171 points to close at 11,150. The S-and-P 500 index fell 18 points to 1,159.  The Nasdaq was down 48 points to 2,420.
  • Oil prices rose as traders worried about the impact Hurricane Irene may have on U.S. oil and gas supplies. The October contract for the benchmark grade rose 14 cents, to $85.30 a barrel.
  • The dollar rose toward the end of the trading day on the assumption that Federal Reserve Board Chairman Ben Bernanke won't unveil any new plans to support the markets in a speech tomorrow. A new round of bond-buying by the Fed might boost growth, but it would also weaken the dollar.
  • JPMorgan Chase Bank is paying more than $88 million to settle charges that it violated numerous regulations.  The Treasury Department says the bank violated regulations that prohibit financial aid for illicit nuclear trade as well as trade with Cuba and Sudan.
  • Advanced Micro Devices has named a top executive at Lenovo as its new CEO. Rory Read, who was Lenovo's chief operating officer, takes over at the chip maker. His mission will be to improve the company's finances and enable it to take advantage of the rise of smartphones and tablets.
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