Monday Evening Business Brief
June 2, 2014, 4:51 PM
- The day started poorly on Wall Street up ended up with marginal gains. Things picked up when a report on the health of U.S. manufacturing was revised higher. A trade group said U.S. manufacturing grew at a brisk pace last month, correcting its earlier statement that growth had slowed. The Dow industrials rose 26 points. The S&P 500 gained a point, to finish at another all-time closing high. The Nasdaq composite lost five points.
- The price of oil fell slightly today and closed at a two-week low. Benchmark U.S. oil for July delivery fell 24 cents to $102.47 a barrel on the New York Mercantile Exchange. Last week, the price of oil fell by 1.6 percent. U.S. drivers are hoping to see a decline in gasoline prices. At $3.67, the average price of a gallon of gas is the highest it's been since early May.
- The Supreme Court has ruled unanimously that a company isn't liable for inducing patent infringement if someone other than the company carries out some of the steps leading to infringement. The justices held in a ruling released today that Internet content delivery company Limelight Networks Inc. did not infringe on the patented system for managing images and video, which was owned by a rival - Akamai Technologies Inc.
- The attorney general of Massachusetts, Martha Coakley, has sued the Federal Housing Finance Agency and mortgage giants Fannie Mae and Freddie Mac for refusing to comply with a state law designed to stem the tide of foreclosures in Massachusetts. Coakley argues that mortgage giants Fannie Mae and Freddie Mac violated a 2012 Massachusetts law that allows the sale of homes in foreclosure to nonprofit organizations that intend to restructure the loan and sell the property back to the homeowner.
- The International Air Transport Association is marking 100 years since the first scheduled commercial flight took off, making a 23-minute journey across Florida's Tampa Bay. A roundtrip ticket on the Jan. 1, 1914, flight from St. Petersburg, Florida, to Tampa, Florida, was priced at $10.
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