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May 05, 2015 05:36 PM

Tuesday Evening Business Brief

  • Stocks are closing lower following two days of gains that brought the market close to a record high. The S&P 500 fell 25 points, to 2,089. The Dow lost 142 points to 17,928. The Nasdaq fell 77 points to 4,939. A combination of concerns knocked the market lower. Crude oil climbed above $60 a barrel for the first time this year, raising expectations for rising inflation and interest rates. And Greece's government remained in a standoff with its European creditors as a debt payment looms next week.
  • Attorneys general from two energy-producing states say the Obama administration's far-reaching plan to address climate change would cause job losses and lead to higher electricity prices. West Virginia Attorney General Patrick Morrissey and Oklahoma Attorney General Scott Pruitt told a Senate panel today that the administration's plan to cut heat-trapping pollutants from coal-fired power plants would cause existing plants to retire early and prevent new ones from being completed. Oklahoma and West Virginia are among 15 coal-reliant states suing the Environmental Protection Agency to block the plan, which would require states to cut carbon dioxide emissions 30 percent by 2030.
  • Nigeria's finance minister says Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices. He tried to be upbeat in a speech after the legislature approved a 2015 budget that had to be revised three times because of slashed oil prices. Oil provides 80 percent of revenues for the government of Africa's biggest petroleum producer.
  • Fights over the TV remote are about to get a lot louder. Comcast has launched a voice-controlled remote for some of its Xfinity customers. Users can change the channel, set up to record a program and search for shows, movies, their previous recordings and on demand programing with their voice. The new remote works only with Comcast's X1 cable box.
  • Those hoping to sit down to a meal with billionaire Warren Buffett should be ready to shell out big bucks. Buffett will again auction off a private lunch to raise money for a California homeless charity. Last year's winner paid nearly $2.2 million to dine with Buffett.

 

  • Business
  • Economy/Stocks
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