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November 16, 2013 03:21 PM

Saturday Business Brief

NEW YORK (AP) - Investors are upbeat about the prospect of further economic stimulus from the Federal Reserve. That pushed U.S. stock indexes deeper into record territory yesterday. Stocks climbed to all-time highs for the third straight day. The S&P 500 added 7 1/2 points to close at 1,798. The Dow gained 85 points to 15,961.The Nasdaq rose 13 points to 3,985.

  • The price of oil is up again despite abundant U.S. supplies of crude. Crude rose 8 cents to close at $93.84 a barrel in New York yesterday. That was just a day after incoming Federal Reserve chief Janet Yellen indicated the economic stimulus would remain in place for now. The Fed's low interest-rate policy supports investment in riskier assets such as oil and stocks.
  • Former Treasury Secretary Timothy Geithner is joining a private equity firm. Warburg Pincus says Geithner will serve as its president and managing director starting March 1. Geithner led the Federal Reserve Bank of New York for six years before being becoming treasury secretary in 2009, when the economy was in a deep recession.
  • JPMorgan Chase & Co. says it's reached a $4.5 billion settlement with investors over mortgage-backed securities. The deal covers 21 major institutional investors. The securities were issued by JPMorgan and Bear Stearns between 2005 and 2008. It's the latest in a series of legal settlements over the bank's sales of mortgage-backed securities before the financial crisis.
  • Sen. Lindsey Graham says he's never been more confident that the Charleston Harbor shipping channel will be deepened to 50 feet. The South Carolina Republican says a water resources bill making its way through Congress includes a provision to allow the state to proceed to deepen the harbor with its own money and be reimbursed later by the federal government.
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