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June 14, 2012 05:24 AM

Thursday Morning Business Brief

There are two more sessions to go, but this week is on track to be a losing one on Wall Street. The Dow fell 77 points yesterday, or 0.6 percent, to 12,496. The S&P dropped 9 points to 1,315. The Nasdaq lost 24 points to 2,819.

  • While investors will continue to closely monitor developments in Europe, there are several economic reports due out today in the U.S. They include weekly jobless claims, the Consumer Price Index and the current account deficit.
  • World stock markets have fallen today amid ominous signs that a debt crisis roiling Greece and Spain might erupt elsewhere in Europe. Investors have been spooked by news that Italy's borrowing costs have skyrocketed to their highest level since December, and that Cyprus may seek an emergency bailout this week.
  • German Chancellor Angela Merkel says Europe's debt crisis will overshadow all other topics at this weekend's G-20 summit in Mexico. She says she will defend Germany's contention that a mix of fiscal tightening and reforms is the only way to overcome the crisis.
  • Oil is hovering around $83 a barrel in Asia. OPEC begins a two-day quarterly meeting today with the 12-nation cartel split on whether to cut production quotas.

You can find more local business news on our Back To Business page on KELOLAND.com.

  • Business
  • Economy/Stocks
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