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January 17, 2015 02:39 PM

Saturday Business Brief

NEW YORK (AP) - The stock market is taking a positive turn again. The rally came Friday at the end of another rough week for the market. The S&P 500 index gained nearly 27 points, or 1.3 percent, to finish at 2,019. The Dow Jones industrial average climbed 191 points, or 1.1 percent, to close at 17,511.and the Nasdaq rose 63 ½ points, or 1.4 percent, to 4,634.

  • Oil prices are higher after the International Energy Agency predicted drillers would cut production this year.  Oil's seven-month slide has cut its price by more than half. On Friday, benchmark U.S. crude jumped $2.44 to settle at $48.69 a barrel in New York. Brent crude, a benchmark for international oils, added 31 cents to $50.17 in London.
  • Moody's Investors Service is cutting its rating on Russian government bonds one step closer to "junk" status. Moody's is lowering the rating one notch to "Baa3," the lowest investment-grade level. Several agencies have cut Russia's credit rating in recent months as its economy worsens under the twin pressures of Western sanctions and declining oil prices.
  • Frontier Airlines says it'll hire contractors to do the work of 1,300 employees at the Denver airport and in Milwaukee. That's about a third of its total workforce. Frontier says a unit of Swissport International will perform all ground-operations work in Denver, replacing 1,160 airline employees. Sitel, a privately held company, will replace 140 reservations workers in Milwaukee.
  • Opponents of the Keystone XL pipeline in Nebraska are filing two new lawsuits over the proposed route, after the state's Supreme Court recently tossed a previous legal challenge. Landowners in Holt and York counties filed lawsuits Friday against pipeline developer TransCanada to stop the company from using eminent domain power to gain access to their land.
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