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Monday Evening Business Brief

July 16, 2012, 5:23 PM

Monday Evening Business Brief

Stocks closed lower for the seventh session out of the last eight. The Dow fell 50 points, or 0.4 percent, to close at 12,727. The S&P slipped 3, while the Nasdaq was down nearly a dozen points.

  • Yahoo is hiring Google executive Marissa Mayer to be its next CEO. Ross Levinsohn has been running the company on an interim basis, after CEO Scott Thompson lost his job over misinformation on his official biography. The 37-year-old Mayer will be Yahoo's fifth CEO in five years, not including two interim chiefs.
  • A retailer in the Northeast and Mid-Atlantic, Daffy's is going out of business. The chain plans to wind down all of its 19 stores, which will affect 1,300 employees.
  • A majority of morning viewers has greeted the arrival of Savannah Guthrie with a yawn in her first week as "Today" show co-anchor. Ratings keeper Nielson says NBC's "Today" was beaten last week by ABC archrival "Good Morning America", extending its lead to three straight weeks.
  • Oil prices climbed for a fourth day on hopes that the Federal Reserve will take additional steps to prop up the economy. Benchmark U.S. crude rose $1.33 to end at $88.43 per barrel in New York, while Brent crude rose by $1.95 to finish at $103.37 a barrel in London.

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