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Friday Morning Business Brief

December 21, 2012, 5:24 AM

Friday Morning Business Brief

Coming into today's trading session, stocks are higher for the week. In Thursday trading, the Dow rose 60 points to 13,312. The S&P gained 8 points, while the Nasdaq surged 6.

  • World markets are wary of watching Washington. Markets are lower after rank-and-file Republican lawmakers failed to support an alternative tax plan by House Speaker John Boehner. European stocks were lower in early trading. It's the same in Asian markets. U.S. stock futures tumbled. Oil prices fell below $90 per barrel.
  • No major disruptions have been reported with online Christmas deliveries because of the big snow storm that walloped the Midwest. Wal-Mart, the No. 2 online retailer behind, said no orders have been delayed. GSI Commerce, which handles online shipping for 70 retailers, says deliveries are being made on time. MasterCard Advisors' SpendingPulse says shoppers are expected to spend $34 million Friday and Saturday.
  • Nokia says it has entered into a new license agreement with Canadian smartphone rival Research In Motion which will end all existing patent litigation between the two struggling companies. Nokia says the agreement includes a "one-time payment and on-going payments, all from RIM to Nokia," adding that the terms were confidential. Last month, the Finnish company sued the Blackberry maker for breach of contract in Britain, the United States and Canada over cellular patents they agreed on in 2003.
  • On today's economic calendar, figures on personal income and spending are due. Also on tap, November durable goods.

You can find more business news on the Back to Business page of

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