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Friday Evening Business Brief

May 16, 2014, 5:33 PM

Friday Evening Business Brief
  • The stock market closed out the week slightly higher after drifting between small losses and gains for most of the day. The Dow gained 44 points, while the S&P 500 rose seven points and the Nasdaq composite saw a 21-point gain. Telecommunication stocks rose the most of the 10 sectors in the S&P 500 index.
  • GM is admitting that it took too long to tell regulators about a defect in an ignition switch in millions of cars. And it's promising to report problems more quickly in the future, under an agreement today with the Transportation Department. The company is being hit with a record $35 million fine -- but safety advocates say that's too small to deter bad behavior by automakers.
  • A St. Louis jury has ruled that Anheuser-Busch didn't discriminate against a former executive who sued because she earned significantly less than a male predecessor. The jury of seven women and five men on Friday sided with the beer-maker, a onetime family business now owned by Belgium-based brewer InBev.
  • Wheat is logging its biggest weekly drop since 2011 as traders reassess the outlook for supplies of the grain. The price of wheat for July delivery fell 4 cents, or 0.6 percent, to $6.74 a bushel on Friday. The grain has fallen for eight straight days and is down 6.6 percent this week, its biggest such decline since September 2011.
  • Hillary Rodham Clinton says the dream of upward mobility is feeling further and further out of reach for many Americans struggling in the economy. Speaking today to the New America Foundation, she said there need to be policies to help struggling workers and young Americans find jobs and the training to develop new skills. The comments are her most extensive on promoting economic growth since she left the State Department.

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