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July 09, 2012 05:49 PM

Monday Evening Business Brief

Stocks are closed lower on Wall Street, investors continuing to worry about the impact of slowing growth in the U.S. and around the world. The Dow lost 36 points, or 0.3 percent, to 12,736. The S&P fell 2 points to 1,352 and the Nasdaq dropped nearly 6 points to 2,932.

  • Aluminum-making giant Alcoa says between rising prices and lower sales, it lost $2 million in the second-quarter. Excluding one-time items, Alcoa reports adjusted earnings of 6 cents a share, topping forecasts by a penny. It is the first large company to report earnings for the just completed quarter.
  • Underscoring differences between himself and Republican challenger Mitt Romney, President Barack Obama today called on Congress to extend tax cuts for families earning less than $250,000 a year while allowing taxes to rise for households making more. Romney supports extending the tax cuts for all income earners with his campaign spokeswoman saying the Obama proposal amounted to a "massive tax increase".
  • Newly released figures from the Federal Reserve show Americans were putting more on their credit cards in May than in any single month since November 2007. Still, overall credit card use remains well below where it was just before the Great Recession began.
  • The price of oil climbed about 2 percent today as striking oil workers in Norway forced the industry to prepare for a historic shutdown in the North Sea. Benchmark U.S. crude rose $1.54 to settle at $85.99 per barrel in New York. Brent crude, which comes from the North Sea and sets the price for oil imported into the U.S., was up more than $2 to finish at $100.32 per barrel in London.

For more business headlines, visit the Back To Business pages.

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