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February 23, 2012 05:25 PM

Thursday Evening Business Brief


Stocks finished higher today, but it wasn't enough to propel the Dow back above the 13,000 level.
The index rose 46 points or 0.4 percent to 12,985. The S&P added 6 points, while the Nasdaq was up 24 points.
  • President Barack Obama today took aim at Republicans for what he described as a flawed and dishonest strategy for reducing gas prices, predicting rivals would offer only more drilling and political promises of $2-a-gallon gas. The president said that's not a plan, "that's a bumper sticker".
  • Consumer products maker Procter & Gamble says it plans to cut 5,700 jobs over the next year and a half. P&G hopes to save $10 billion by June 2016.
  • At Apple's annual shareholders' meeting, CEO Tim Cook was asked about the company's nearly $100 billion in cash. After acknowledging Apple doesn't need to hold on to so much cash, he said the board is thinking "very deeply" about how to spend the money.
  • The U.S. Postal Service is pushing ahead with planned cuts to more than 260 mail processing centers around the nation, part of a billion-dollar cost-cutting effort that will slow delivery of first-class mail. The estimated $3 billion in reductions are part of a wide-ranging effort by the Postal Service to quickly trim costs, seeing no immediate help from Congress.
  • Business
  • Economy/Stocks
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