Friday Evening Business Brief
July 11, 2014, 4:39 PM
- U.S. stocks stabilized today and ended with a small gain, but it wasn't enough to prevent the market's biggest weekly drop since April. Investors became more cautious this week as corporate earnings for the April-June period began trickling in. Worrisome news about a Portuguese bank also revived fears of another European debt crisis.
- The Standard & Poor's 500 rose 2.89 points, or 0.2 percent, to 1,967.57. The weekly decline of 0.9 percent was the biggest since April 11. The Dow Jones industrial average climbed 28.74 points, or 0.2 percent, to 16,943.81. The Nasdaq composite rose 19.29 points, or 0.4 percent, to 4,415.49.
- The price of oil plunged 2 percent, the largest one-day drop since April, as Libyan oil appears poised to return to the market while global demand looks to be muted. Benchmark U.S. crude for August delivery fell $2.10 cents to close at $100.83 a barrel on the New York Mercantile Exchange. It fell 3.1 percent this week, and is down $4.54 a barrel, or 4.3 percent, so far in July. Brent crude fell $2.01.
- The White House says the government's budget deficit will drop to $583 billion this year, the lowest level of President Barack Obama's tenure. Last year's deficit was $680 billion. The latest update from the White House budget office is also $66 billion less than what the administration predicted earlier this year when releasing the president's budget.
- The former head of the California Public Employees' Retirement System, the nation's largest public pension fund, has pleaded guilty to bribery and fraud. Federico Buenrostro Jr., the former chief executive of CalPERS, entered his plea in San Francisco federal court. Buenrostro faces five years in prison and a $250,000 fine when he is sentenced in January.
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