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Friday Evening Business Brief

July 13, 2012, 5:40 PM

Friday Evening Business Brief

Stronger than expected earnings from JPMorgan Chase helped stocks to rally. The Dow soared more than 200 points, or 1.6 percent, to 12,777. The S&P added 22 points, while the Nasdaq gained 42 points.

  • President of the Federal Reserve Bank in Atlanta, Dennis Lockhart, says the Fed should act to further stimulate growth if the economy doesn't improve by year's end. At the same time, speaking in Mississippi, Lockhart said he supports no further Fed action if employment growth shows improvement in the next six months.
  • Billionaire investor Warren Buffett said Friday he believes JPMorgan Chase is doing the right things to deal with its multibillion-dollar trading losses. He said the trading loss is "not that significant related to JPMorgan". Buffett himself owns 1 million JPMorgan shares in his personal portfolio.
  • Apple says that it is putting its products back on an environmental ratings registry, saying it made a mistake in removing them. Apple says all of its eligible products are back on the Electronic Product Environmental Assessment Tool registry, and says it looks forward to working with the nonprofit organization that runs the registry. After Apple's previous announcement, the city of San Francisco said it would stop buying Apple computers.
  • Federal investigators say the now arrested chief executive officer of an Iowa-based brokerage firm admitted in a suicide note that he carried out an elaborate fraud scheme in which he embezzled more than $100 million from customers over nearly two decades. Russell Wasendorf, Sr. was charged with making false statements to regulators.  He had been hospitalized earlier this week after attempting suicide outside the company's headquarters.

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