Friday Evening Business Brief
June 20, 2014, 6:01 PM
- Stocks are holding on to small gains, enough to mark the latest record high close for major indexes. The market notched another weekly increase. The S&P 500 ended the week up 1.4 percent. The index has risen five out of the last six weeks. It rose three points today to 1,962. The Dow gained 26 points to 16,947 and the Nasdaq rose nine points to 4,368.
- The price of oil is ending the week with a slight gain, as a battle for control of Iraq's biggest refinery remains undecided. The price of U.S. benchmark crude for August delivery rose 83 cents to $107.26 per barrel today in New York. It closed up 35 cents for the week. Brent crude, used to price international oils, slipped 25 cents to $114.81 a barrel in London.
- A California city is moving forward with plans to put a climate-change warning label on gas pumps. Berkeley's community environmental advisory commission called on the city manager last week to draft an ordinance for it. The label would inform drivers that burning gas releases carbon dioxide, and the state has determined those emissions cause global warming.
- Lawyers say thousands of Nigerian fishermen have rejected an offer of $50 million from Royal Dutch Shell for "some of the largest oil spills in history." The offer comes as a British court Friday ruled the oil company can be legally liable for oil thefts if it fails to protect its pipeline infrastructure. Some $35 million worth of oil is stolen daily in Nigeria.
- The public will have more time to weigh in on a federal proposal to regulate electronic cigarettes and other tobacco products. The Food and Drug Administration says the public comment period is being extended until Aug. 8. In April, the FDA proposed banning sales of e-cigarettes to anyone under 18, adding warning labels and requiring product approval.
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