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June 29, 2012 05:51 AM

Friday Morning Business Brief

A late recovery on Wall Street wiped out most of the stock market's losses on Thursday, leaving the Dow Jones industrial average down just 25 points. The Dow had been down as much as 177 points. Other indexes also cut their losses. The S&P 500 fell three points and the Nasdaq dropped 26 points.

  • Oil jumped above $79 a barrel Friday in Asia, bouncing off an eight-month low after European leaders agreed to use the continent's bailout fund to funnel money directly to struggling Spanish banks. Benchmark oil for August delivery was up $1.60 at $79.29 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $2.52 to settle at $77.69in New York yesterday. That was the lowest close since October.
  • The Commerce Department this morning will release its data on personal income and spending for May. These new indicators arrive at a time when the health of the U.S. economy remains a major issue as President Barack Obama bids for a second term.
  • Struggling BlackBerry maker Research in Motion is reporting worse results than analysts had expected for its latest quarter, and says it's cutting 5,000 jobs. It's also delaying the launch of its new phone operating system, BlackBerry 10, on which it's pinning its hope for a comeback.
  • Stockton, Calif., has filed for Chapter 9 protection, making it the largest American city ever to declare bankruptcy. The city manager says officials sought the status yesterday in federal bankruptcy court in Sacramento, as expected. The move came after officials were unable to reach a deal with the city's creditors to restructure hundreds of millions of dollars of debt under a new state law designed to help municipalities avoid bankruptcy.

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