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Evening Business Brief

February 24, 2011, 5:49 PM

Evening Business Brief
Wall Street broke out of its recent losing streak, managing to close mixed. The Dow fell 37 points, while the Nasdaq added 15 points. The S&P was down 1 point.
  • It's Boeing. The Air Force has awarded a $35 billion contract to build the next generation of air refueling tankers to Boeing, particularly welcome news to Washington state
    and Kansas, where much of the work on the tanker will be done.
  • Oil prices dropped for the first time in nine days after the International Energy Agency said the rebellion in Libya may have cut oil production less than originally feared. Benchmark West Texas Intermediate crude for April delivery fell 82 cents to settle at $97.28 on the New York Mercantile Exchange.
  • Gap says fourth-quarter net income rose nearly 4 percent. Improving business at both the higher-price Banana Republic and lower-price Old Navy chains made up for weakness in its namesake Gap unit.
  • Investors loaded up on Treasurys today as rising tensions in the Middle East kept oil prices high. The yield of the 10-year Treasury fell to 3.46 percent from 3.49 percent late yesterday.
     

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