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Friday Evening Business Brief

January 24, 2014, 7:05 PM by Chris Dexter

Friday Evening Business Brief

NEW YORK (AP) - Investors are wary of a slowdown in global economic growth. That sent the stock market plunging today. The Dow Jones industrial average dropped 318 points, nearly 2 percent, to close at 15,879, its worst drop since last June. The S&P 500 index fell 38 points, or 2.1 percent, to 1,790. The Nasdaq composite fell 90 points, or 2.2 percent, to 4,128.

  • The price of oil is down a bit today, but still finishes the week with a gain of more than 2 percent. A sell-off in global equity markets may have weighed on oil traders' sentiments. Benchmark crude for March delivery fell 68 cents today to close at $96.64 a barrel in New York. At the gas station, the average price for a gallon of regular stayed at $3.29.

 

  • The big accounting firm KPMG is agreeing to pay $8.2 million to settle charges by the Securities and Exchange Commission that it compromised its independence by providing non-audit services to companies whose books it audited.  New York-based KPMG neither admitted nor denied the allegations but agreed to hire an independent consultant to monitor its compliance with rules.

 

  • Sirius XM says it's hired financial and legal advisers to help it evaluate Liberty Media's bid to buy the rest of the satellite radio provider. Liberty Media, which is controlled by billionaire John Malone, already owns more than half of the shares. It's trying to gain control of the rest in a stock deal that valued Sirius XM at about $23 billion when it was announced earlier this month.
  • A legal fight is playing out over turf installed last summer at the site of this year's Super Bowl. Missouri-based Taylor Turf Installation is suing MetLife Stadium's operators over $292,000 the company says it's still owed for installing the playing surface. The suit also names Georgia.-based Turf Industry, the company that hired Taylor for the job. A MetLife Stadium spokeswoman says the matter is between Taylor Turf and the Georgia company, with the stadium's operators not involved in the contractual dispute.

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