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October 21, 2014 05:36 PM

Tuesday Evening Business Brief

  • Solid earnings from U.S. companies and reassuring economic growth numbers from China have spurred a rally on Wall Street. The stock market had its best day of the year, with the S&P 500 gaining 2 percent, up 37 points to 1,941. Both the Dow and the Nasdaq registered triple-digit gains. The Dow rose 215 points, or 1.3 percent, to 16,614. The Nasdaq composite added 103 points, or 2.4 percent, to 4,419.
  • Oil prices are rising after weeks of declines. Crude gained as better-than-expected economic data from China suggested higher global demand for oil. Benchmark U.S. crude rose 10 cents to close at $82.81 a barrel on the New York Mercantile Exchange.
  • A huge windfall from Alibaba's recent IPO has sent Yahoo's earnings soaring. The Internet company earned $6.8 billion in the third quarter, or $6.70 per share. That compares with income of $297 million, or 28 cents per share, last year. While Alibaba accounted for most of the difference, Yahoo's revenue also rose slightly, after posting quarterly declines for most of the past five years.
  • Manufacturers and distributors of impermeable gowns and full-body suits meant to protect medical workers from Ebola are scrambling to keep up with a surge of new orders from U.S. hospitals. At least one company that distributes gear recommended under new federal guidelines is doubling its production to keep up with orders. DQE president Tony Baumgartner says orders are up 10-fold from last year and he's on a 12-week backlog.
  • A North Carolina company is recalling nearly 12,000 boxes of pain relief tablets sold at Dollar Tree stores because some cartons contain a different medication that could cause allergic reactions. Contract Packaging Resources says it mistakenly placed bottles of ibuprofen inside boxes for Assured brand naproxen sodium tablets. Some consumers buy naproxen sodium pain relievers because of allergies to ibuprofen. Reactions can include hives or life-threatening respiratory problems.
  • Business
  • Economy/Stocks

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