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Evening Business Brief

May 25, 2011, 5:24 PM

Evening Business Brief
Stocks finished the session with modest gains. The Dow was up 38 points to 12,395. The S&P added 4 points, while the Nasdaq surged 15 points.
  • Three of the nation's largest banks are launching a system that lets customers transfer money from their checking accounts using only a mobile number or e-mail address. Bank of America, JPMorgan Chase and Wells Fargo say the service, clearXchange, will make payments easier than traditional money transfers.
  • Martha Stewart's company says it's hired Blackstone Advisory Partners to explore partnerships and
    investments, triggering speculation the whole company is for sale. Also, the company announced that its founder will rejoin its board in the third quarter following a five-year exclusion after a settlement with the Securities and Exchange Commission in the insider trading case.
  • Oil rose back above $101 a barrel. Benchmark crude for July delivery added $1.73 to settle at $101.32 a barrel on the New York Mercantile Exchange.
  • Costco reports that its quarterly profit rose 6 percent. Rising sales and membership fees made up for declining profit margins. Costco warns that surging costs will continue to pose a challenge.
     

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