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Monday Evening Business Brief

September 26, 2011, 5:30 PM

Monday Evening Business Brief
Stock prices rallied strongly today. The Dow jumped 272 points to 11,044, a gain of 2.5 percent. The S&P was up 27 points, while the Nasdaq surged 33.
  • President Barack Obama got a question from a group today he was happy to answer. At a town hall, one man asked "would you please raise my taxes?". Later identified as a former Google executive, the man said the U.S. should spend more on education, infrastructure and job training.
  • Lockheed Martin is laying off 540 employees in plane-making operations in Texas, Georgia and California. The defense contractor announced in June that it planned to cut 1,500 jobs in response to U.S. government spending prospects.
  • A pair of lawsuits just filed claim that Deloitte & Touche, one of the nation's largest accounting firms, should pay $7.6 billion in damages. The suits say it failed during years of audits to detect massive fraud at a now-defunct Florida mortgage company.
  • Precious metals prices fell again today. Gold slumped $45, or 2 percent, to close at $1,594.80. Silver dropped 0.4 percent to end at $29.98 an ounce.

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