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December 19, 2011 05:28 PM

Monday Evening Business Brief

Stocks chalked up declines to begin the trading week.
The Dow was down 100 points, or 0.8 percent, to finish at 11,766. The S&P was down 14 points, while the Nasdaq shed 32 points.
  • Senate Majority Leader Harry Reid refuses to renegotiate an extension of payroll tax cuts and unemployment coverage unless the House first approves a short-term bipartisan version the upper chamber has already overwhelmingly approved.  House Republicans strongly oppose that bill. House Speaker John Boehner tells reporters that he expects the House to reject the Senate bill this evening and then request talks.
  • AT&T says it is ending its $39 billion bid to buy T-Mobile USA after facing fierce government objections. The cellphone giant says the actions of the government to block the deal do not change the challenges of the wireless phone industry, which it says requires more airwaves to expand.
  • After six decades of building cars renowned for their design, cash-strapped Saab Automobile gave up its desperate struggle for a lifeline and has filed for bankruptcy. Saab CEO Victor Muller said "the last nail in the coffin" was previous owner General Motors' rejection of a Chinese company's attempts to gain control of the ailing Swedish brand.
  • Oil prices have risen slightly Monday following a sharp, 7 percent drop last week. Benchmark crude rose 35 cents to settle at $93.88 per barrel in New York.
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