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Friday Evening Business Brief

December 13, 2013, 6:49 PM

Friday Evening Business Brief

UNDATED (AP) - Investors are contemplating what's next for the market. That's led to a relative pause in the record-breaking stock rally this week. Stocks closed slightly higher today, but not enough to avoid a second losing week in a row. The Dow edged up 16 points, or 0.1 percent, to close at 15,755 points. The S&P 500 was flat at 1,775. The Nasdaq rose 2 ½ points, less than 0.1 percent, to 4,001.

  • Oil prices are down today. The near-month contract for benchmark crude fell 90 cents, closing at $96.60 a barrel on the New York Mercantile Exchange.

 

  • Washington Gov. Jay Inslee is calling on the Machinists union to have members vote on a contract proposal from Boeing. Local union leaders say they don't see any point in voting on Boeing's latest proposal because it's too similar to a contract the union rejected a month ago. A deal would secure the production of the new 777X airplane in the Puget Sound and the thousands of jobs that come with it.

 

  • Cable TV operator Charter Communications is preparing to send a letter offering to buy the much larger Time Warner Cable for below $135 per share as early as Monday. That's according to a person familiar with the matter, who spoke on condition of anonymity. The offer would value Time Warner Cable at up to $38 billion. The person says the offer would be in cash and stock.
  • A federal judge has approved a $7.25 billion settlement between merchants and Visa and MasterCard over credit card transaction fees. A group of merchants and trade groups sued the companies in 2005, alleging they conspired to fix fees charged to stores for handling credit card payments. A settlement was reached last year but some retailers rejected it. The settlement figure does not reflect the companies that opted out.

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