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July 27, 2012 05:39 PM

Friday Evening Business Brief

Today's session brought a rally for the stock market, with a close back above 13,000. The Dow added 188 points, or 1.9 percent, settling at 13,076. The S&P added 26 points, while the Nasdaq was up 65 points, or 2.2 percent.
 

  • The White House predicts that this year's federal budget deficit will end up at $1.2 trillion. That would mark the fourth consecutive year of trillion dollar-plus deficits during President Barack Obama's administration.
  • Authorities say a German fugitive who had been sought for five years in a fraud scheme that netted more than $100 million has been arrested in Las Vegas. Police say 51-year-old Ulrich Felix Anton Engler was arrested late Wednesday. He's accused of using a Florida-based marketing company to build a huge Internet pyramid scheme.
  • McKesson Corp. will pay $151 million to 29 states and the District of Columbia to settle a lawsuit. At issue are allegations the company inflated prices of hundreds of prescription drugs, causing state Medicaid programs to overpay millions of dollars in reimbursements.
  • Amazon.com founder and CEO Jeff Bezos and his wife say they're donating $2.5 million to the campaign to defend Washington's same-sex marriage law. Amazon publicly supported the law earlier this year, along with other prominent Pacific Northwest businesses, including Microsoft, Starbucks Corp. and Nike.
  • Business
  • Economy/Stocks
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