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Friday Evening Business Brief

May 23, 2014, 7:03 PM

Friday Evening Business Brief

The S&P 500 index is setting a record. It gained eight points today to close above 1,900 for the first time. The 1,900.53 close is three points above its previous all-time high close 10 days ago. The Dow Jones industrial average rose 63 points to 16,606 and the Nasdaq composite added 31 points to 4,185. Trading was relatively quiet ahead of the Memorial Day holiday weekend.

  • The price of oil is up. It rose above $104 a barrel today ahead of the holiday weekend and national elections in Ukraine on Sunday. Benchmark U.S. crude for July delivery gained 61 cents to $104.35 a barrel in New York. Oil ended the week up $2.33 a barrel. Meanwhile, drivers are paying an average of $3.66 for a gallon of gasoline, about the same as this time last year.
  • General Motors is recalling about 500 pickup trucks and SUVs to fix faulty air bag controls, its 30th recall so far this year. GM says today's recall covers full-size pickups and SUVs from the 2014 and 2015 model years. All 500 are still at dealerships and won't be sold until repairs are made. Since January, GM has recalled more than 13.8 million vehicles in the U.S.
  • The Food and Drug Administration is giving the OK to a new antibiotic to treat adults with common skin infections often acquired in U.S. hospitals. Regulators have approved Durata Therapeutics' intravenous drug Dalvance to treat bacterial skin infections caused by common bacteria, including antibiotic-resistant strains of those germs.
  • Nearly 60,000 high-tech workers are likely to receive an average of $4,000 apiece in a $324.5 million settlement of a class-action lawsuit alleging Apple and Google conspired in an illegal cartel of Silicon Valley employers that secretly refused to recruit each other's engineers. If approved, the settlement will be paid by Apple, Google, Intel and Adobe Systems.

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