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Friday Evening Business Brief

July 20, 2012, 5:38 PM

Friday Evening Business Brief

Stocks were down today, a setback after three days of gains. The Dow fell 121 points, or 0.9 percent, to 12,823. The S&P 500 dropped 14 points, while the Nasdaq composite lost 41 points. For the week, the key averages still managed a gain, of between 0.4 and 0.6 percent.

  • A new report from the Treasury Department says the process for setting a key global interest rate is flawed and poses a risk to the stability of financial markets. Three weeks ago, Britain's Barclays bank admitted it had submitted false information to hold down the London interbank offered rate, known as LIBOR, and agreed to pay a $453 million fine.
  • Despite today's downward move for the broader market, there was a solid showing for Kayak's initial public offering. Shares of the travel web site operator closed with a gain of nearly 28 percent.
  • American Airlines' flight attendants' union promises to send the troubled company's latest contract offer to its members for a ratification vote. The offer includes a promise to support giving the flight attendants a 3 percent stake in the company after it emerges from bankruptcy protection. Pilots are voting on an offer that would give them a 13.5 percent stake. The company's creditors would be asked to support the requests.
  • Renewed concerns about Europe's economy also weighed on the price of oil. Benchmark crude fell $1.22 to settle at $91.44 a barrel in New York.

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