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November 08, 2013 06:45 PM

Friday Evening Business Brief

NEW YORK (AP) - The Dow Jones industrial average is closing at another record high after the government reported an unexpected surge in hiring last month. The Dow rose 168 points, or 1.1 percent, at 15,761. The Standard & Poor's 500 rose 23 points, or 1.3 percent, to 1,770. The Nasdaq composite rose 62 points, or 1.6 percent, to 3,919. Trading volume was heavier than usual.

  • The price of gasoline is the lowest in nearly two years, an early holiday gift for U.S. drivers. The nationwide average for gas is now $3.21. It hasn't been that low since December 2011. Meanwhile, the price of oil rose 40 cents today to close at $94.60 a barrel in New York. Encouraging employment data was offset by the possibility the West will loosen sanctions against Iran.
  • Chrysler is recalling 1.2 million Ram trucks to fix front-end problems that could lead to steering troubles. The company announced three recalls today. It wants to inspect the trucks and says only 453,000 will likely need repairs.
  • SAC Capital Advisors has pleaded guilty to criminal fraud charges. The plea came in U.S. District Court in Manhattan today and satisfied a deal with the government that requires the Connecticut-based hedge fund to pay a record $1.8 billion to settle charges that it allowed, if not encouraged, insider trading to occur for more than a decade.
  • IntercontinentalExchange says regulators have approved its acquisition of NYSE Euronext. The deal will close Wednesday. It was expected to close Nov. 4, but was delayed because some European regulatory agencies still had to O.K. it. The combined firm will be the third-largest exchange group globally, behind Hong Kong Exchanges and Clearing and CME Group.
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