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July 16, 2013 05:43 PM

Tuesday Evening Business Brief

  • The S&P 500's streak of gains has come to a halt at eight sessions. Stocks closed lower as today's corporate earnings reports failed to impress investors. The S&P dropped six points to close at 1,676. The Dow fell 32 to just below 15,452, and the Nasdaq lost nine points, finishing at 3,598.
  • Yahoo issued its second-quarter results after the bell, and they aren't giving Marissa Mayer a lot to celebrate as she completes her first year running the company. Yahoo's earnings did climb 46 percent, but that was thanks to a major boost from an investment in Chinese Internet company Alibaba. Revenue fell 7 percent from last year. Yahoo has been struggling to sell ads as marketers increase their spending at rivals Google and Facebook.
  • Oil prices fell 32 cents today, with the near-month contract for the benchmark crude closing at $106.00 a barrel. However, oil is up about 10 percent so far this month, jolter higher by unexpectedly sharp drops in U.S. crude and gasoline inventories. Gas prices, meanwhile, are averaging close to $3.64 for a gallon of regular, 15 cents more than a week ago.
  • California regulators are calling on Pacific Gas & Electric Co. to pay at least $300 million in fines for a deadly 2010 gas pipeline blast. The state Public Utilities Commission originally recommended no fine, instead calling on PG&E to spend $2.25 billion on pipeline safety improvements. The blast in the San Francisco Bay Area suburb of San Bruno killed eight people and destroyed 38 homes.
  • Democratic officials say two veteran labor lawyers will be President Barack Obama's new picks for the National Labor Relations Board as part of a Senate agreement to win confirmation for several of his stalled appointees. Nancy Schiffer retired last year as an associate general counsel at the AFL-CIO, while Kent Hirozawa is the current chief counsel to the NLRB's chairman.
  • Business
  • Economy/Stocks
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