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Friday Evening Business Brief

January 27, 2012, 5:30 PM

Friday Evening Business Brief
A weekly decline for the Dow was the first for 2012. The index fell 74 points today to 12,660. The S&P dropped 2 to 1,316 and the Nasdaq was higher, rising 11 points to 2,817.
  • The Fitch ratings agency is downgrading credit ratings for five countries using the euro, Italy and Spain among them. This comes after a similar move by S&P earlier this month, which downgraded nine Eurozone countries.
  • Johnson & Johnson is recalling baby lotion that may have excess bacteria from stores in nine states. The precautionary recall covers some Aveeno Baby Calming Comfort Lotion sold in stores in Alabama, Arkansas, Florida, Georgia, Kansas, Louisiana, Mississippi, Tennessee and Texas.
  • The Obama administration says it will expand its signature foreclosure-prevention program to try to help those with heavy debt loads avoid losing their homes. The government will triple the financial incentives for private lenders to reduce the principal amount of mortgages for homeowners at risk of losing their homes. And for the first time, the government will offer incentives for principal reductions to government-controlled mortgage giants Fannie Mae and Freddie Mac.
  • The price of crude oil ended slightly lower in New York. Benchmark oil fell 14 cents to finish at $99.56 per barrel after climbing as high as $100.63 per barrel earlier in the session.

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