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Friday Evening Business Brief

August 8, 2014, 6:49 PM

Friday Evening Business Brief

NEW YORK (AP) - Stocks are closing higher. It appears investors are relieved by reports of easing tensions between Ukraine and Russia. The Dow Jones industrials climbed 186 points, or 1.1 percent, to close at 16,553 today. The S&P 500 rose 22 points, or 1.2 percent, to 1,931. The Nasdaq rose 36 points, or 0.8 percent, to 4,370. The gain in the S&P 500 was the biggest since March 4.

  • The troubles in Iraq could threaten oil supplies. A report from Citigroup to its clients today notes that Iraq is the fastest-growing supplier among OPEC members. Benchmark U.S. crude rose 31 cents to close at $97.65 a barrel in New York today. But Brent crude, a benchmark for international oils, fell 42 cents to close at $105.02 in London.
  • General Motors is issuing five more recalls totaling 310,000 vehicles as it cleans up past safety issues. The recalls in North America pushed GM's total for the year to 66, covering just over 29 million cars and trucks. Meanwhile, 63 death claims have been filed so far with the lawyer handling payments for those involved in wrecks caused by faulty GM ignition switches.
  • A federal judge is rejecting a $324.5 million settlement of a class-action lawsuit alleging Google and Apple conspired with several other technology companies to block their top workers from getting better job offers. The judge says the figure is too low. She believes the more than 60,000 workers represented in the lawsuit should receive at least $380 million.
  • A federal judge is threatening to hold Argentina in contempt of court for continuing to make "false and misleading" statements about its debt crisis. The judge is urging both sides to resume negotiations in a dispute over money owed to U.S. hedge funds. A lawyer for Argentina is cautioning the judge not to overreact to statements made by political leaders in Argentina.

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