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Evening Business Brief

July 23, 2010, 6:41 PM

Evening Business Brief
Investors bought stocks again on the latest reassuring news about the economy. European regulators reported "stress tests" on the continent's banks showed only a handful would struggle if the economy weakens. That helped send the Dow up 102 points, the Nasdaq up 23 and the S&P up 9.
  • All but 7 of 91 European banks passed the much-anticipated "stress tests" aimed at showing Europe's banking system is sound enough to weather the continent's debt crisis.  European Union officials hope the findings will forestall further market turmoil.
  • New estimates from the White House project a record budget deficit of $1.47 trillion this year. That's actually a little better than the administration projected in February.
  • The Obama administration's pay czar says he didn't try to recoup $1.6 billion in lavish compensation to top executives at bailed-out banks because he felt shaming the banks was punishment enough. Kenneth Feinberg says 17 banks receiving taxpayer money from the bailout made "ill-advised" payments to their executives.
  • The wireless industry is suing the city of San Francisco to stop a law that requires cell phone stores to post how much radio energy each model emits. In the first suit of its kind, the trade group CTIA says the city is usurping the authority of the Federal Communications Commission.

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