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Monday Evening Business Brief

May 12, 2014, 6:57 PM

Monday Evening Business Brief
  • The Dow Jones industrial average and Standard & Poor's 500 index have closed at record highs as investors regained their appetite for riskier stocks. The Dow gained 112 points, or 0.7 percent, to 16,695. The S&P 500 rose 18 points, or 1 percent, to 1,896, surpassing its previous all-time high of 1,890 on April 2.
  • Twitter was one of the big gainers on Wall Street, rising $1.89, or 5.9 percent, to $33.94. Facebook climbed $2.59, or 4.5 percent, to $59.83.  After beating down Internet and small company stocks for two months, investors decided today that they had fallen enough.
  • The price of oil rose above $100 a barrel today amid renewed tensions over Ukraine. Benchmark U.S. crude for June delivery gained 60 cents to $100.59 a barrel on the New York Mercantile Exchange. Traders are worried about turmoil in Ukraine and the prolonged disruption of oil exports from Libya despite muted demand and plentiful supplies.
  • A second New York businessman has pleaded guilty for his role in a $100 million Ponzi scheme that helped fund what prosecutors called a failing Hamptons resort. Adam Manson pleaded guilty in federal court on Long Island to one count of conspiracy to commit securities fraud. The plea came two weeks after Manson's brother-in-law, Brian Callahan, pleaded guilty in the same courthouse to securities and wire fraud. 
  • The maker of the popular Sriracha hot sauce says he has no intention of moving his embattled factory out of Irwindale, California, but he has told two visiting Texas lawmakers he might consider expanding into that state. David Tran spoke to reporters after giving the politicians a tour of the factory, which some neighbors claim emits offensive odors.

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