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May 24, 2012 06:27 PM

Thursday Evening Business Brief

The Dow finished the session with a modest gain, rising 34 points, or 0.3 percent, to 12,530. It was paced by a 3 percent jump in Hewlett-Packard shares. The S&P added nearly 2 points, while the Nasdaq slipped 11.

  • A source says Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate investors who overpaid when they bought Facebook's stock in Friday's IPO. Technical problems with the Nasdaq Stock Market delayed its open on Friday, and the stock has since lost 14 percent of its value.
  • The president of the Vatican bank was effectively ousted today. This, after a unanimous vote of no-confidence from bank overseers for having leaked documents and failed to do his job at a critical time in the Holy See's efforts to show financial transparency.
  • Legalized sports betting could be up and running this fall in New Jersey under a plan that would defy a federal ban on such wagering in all but four states. Gov. Chris Christie, who earlier this year signed a sports betting law, says New Jersey will act on its own to implement sports betting.
  • Jet engine maker Pratt & Whitney is cutting 300 salaried jobs in the United States, including 200 in Connecticut. The unit of United Technologies Corp. says the cuts come as it tries to keep staffing in line with business and economic conditions.
  • Business
  • Economy/Stocks
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