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August 20, 2012 06:23 PM

Monday Evening Business Brief

  • Stocks closed slightly lower in a fairly quiet trading session. The Dow Jones industrial average finished down three and a half points at 13,272. The Standard & Poor's 500 was off a fraction of a point at 1,418. And the Nasdaq composite index was also down fractionally at 3,076.
  • Apple stock gained more than two and-a-half percent and became the most valuable company in history. Apple now has a market value of $623 billion, eclipsing Microsoft's record from 1999. Apple's stock has hit multiple new highs recently because of the expectation it will soon launch iPhone 5, and possibly a smaller, cheaper iPad.
  • The price of corn is rising amid expectations this year's drought-plagued harvest could be smaller than expected. The price of corn for December delivery rose 16.5 cents, or 2 percent, to finish at almost $8.24 a bushel. That's the highest level since Aug. 9.
  • The government has fined Orbitz $50,000 for not properly warning customers about potential airline baggage charges. The Department of Transportation says the warning that Orbitz displayed was too far down its webpage. It says the violation occurred for a "short period of time" on the first day that new passenger-protection rules went in effect.
  • Facebook stock has bounced back after hitting an all-time low during the day. The stock was down below 19 dollars a share at less than half its initial public offering price before rebounding. It closed at $20.01 a share, up five percent for the day.
  • Business
  • Economy/Stocks

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