Friday Evening Business Brief
June 6, 2014, 7:10 PM
- Stocks are closing higher after the U.S. government reported more healthy job growth in May. The S&P 500 index notched its eighth record high in the last 10 trading days. The S&P 500 rose nine points to close at 1,949 today. The Dow Jones industrial average climbed 88 points to 16,924. The Nasdaq composite increased 25 points to 4,321.
- The price of oil is up slightly today. Solid employment numbers helped. Benchmark U.S. crude for July delivery rose 18 cents to close at $102.66 a barrel in New York. Oil traded in a narrow range all week and ended with a decline of 15 cents. Meanwhile, drivers are paying an average of $3.66 a gallon at the gas pump. That's down 1 cent from a month ago.
- Standard & Poor's Ratings Services is affirming its "stable" outlook for U.S. government debt and its ratings for short- and long-term U.S. debt. It cites the American economy's strength and the government's flexible economic policies. The rating agency says it is keeping its rating for short-term U.S. debt at "A-1+" and for long-term debt at "AA+."
- General Motors is recalling 31,520 Buick Verano and Chevrolet Camaro, Cruze and Sonic cars because the air bags might not deploy. GM. is also recalling 57,512 other autos including the Chevrolet Silverado LD and the GMC Sierra LD because the base radio that sounds a warning if the key is in the ignition when the driver's door is opened may not work.
- The U.S. is vowing to take a stronger role in protecting chemical-industry workers and local residents from accidents and explosions. In a report to President Barack Obama, an inter-agency group says the government will create more safeguards around chemical plants, improve first-responder training and emergency-preparedness measures, and upgrade computers at the Environmental Protection Agency.
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