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Friday Morning Business Brief

June 27, 2014, 5:59 AM

Friday Morning Business Brief

Investors just aren't seeing enough reason to push the stock market higher. Banks and other financial firms pulled the stock market down a little yesterday. The S&P 500 index lost two points, to close at 1,957. The Nasdaq composite index slipped less than a point to 4,379. And the Dow Jones industrial average declined 21 points to close at 16,846. Futures point to lower opening.

  • International stock markets were mixed this morning with Asian stocks slumping while European exchanges were higher in early trading after reports showed weak U.S. consumer spending and slowing Chinese industrial profit growth. The dollar slipped against the yen and the euro. Benchmark crude oil inched up but remained below $106 a barrel.
     
  • The University of Michigan will issue its index of consumer sentiment for June this morning. Last month, the index showed confidence fell as Americans grew more pessimistic about future pay increases, though they remained optimistic about the economy. The index for May fell to 81.9 from 84.1 in April.
     
  • Alibaba is going to list its shares on the New York Stock Exchange. The Chinese e-commerce company disclosed in a regulatory filing that its shares will be listed under the ticker symbol "BABA."  Alibaba is expected to go public in late summer or early fall. Analysts say it could surpass Facebook's $16 billion IPO to become the largest offering ever for a tech company.
     
  • Ukraine has strengthened ties with the European Union by signing a trade and economic deal. President Petro Poroshenko says it may be the "most important day" for his country since it became independent from the former Soviet Union. Ukrainian businesses whose goods and practices meet EU standards will be able to trade freely in any EU country without tariffs or restrictions. Likewise, EU goods and services will be able to sell more easily and cheaply in Ukraine.

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