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August 30, 2011 06:30 PM

Tuesday Evening Business Brief

Stock prices bounced around but ended the Wall Street session with gains.
The Dow added 20 points to just under 11,560. The Nasdaq was up 14.
  • Some Federal Reserve officials pushed in August for a more aggressive response to the economy's slowdown.  What they settled for was a plan to keep rates near zero for another two years and agreement to discuss more options at an extended meeting in September.
  • Russia's state-owned Rosneft is teaming with Exxon Mobil on a multibillion deal. They'll develop offshore oil fields in the Russian Arctic, one of the last regions with immense and untapped hydrocarbon deposits. In return, it will get access to resources in the Gulf of Mexico.
  • Oil rose on speculation that supplies will be tighter in the wake of Hurricane Irene. Benchmark West Texas Intermediate crude rose $1.63 to settle at $88.90 per barrel in New York.
  • A new lawsuit against Bank of America comes from U.S. Bancorp. It seeks to have Bank of America repurchase poorly written mortgages sold by Countrywide Financial in 2005. BofA bought Countrywide during the financial crisis in 2008.

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