Monday Evening Business Brief
August 25, 2014, 5:17 PM
- Summer doldrums? Not on Wall Street. The stock market notched another first today as the Standard & Poor's 500 index nudged briefly past the 2,000-point mark during the first hour of trading before sinking back. Overall it added 9.52 points, or 0.5 percent, to close at 1,997.92. The Dow Jones industrial average rose 75.65 points, or 0.4 percent, to 17,076.87. The Nasdaq composite gained 18.80 points, or 0.4 percent, to 4,557.35.
- Some Burger King customers are finding it hard to swallow that the home of the Whopper could move to Canada. Investors seemed to welcome the announcement by Burger King late yesterday that it was in talks to buy Canadian coffee-and-doughnut chain Tim Hortons and create the world's third-largest fast-food restaurant company. The news pushed shares of both companies up more than 20 percent.
- Amazon is buying video game streaming platform Twitch Interactive for $970 million in cash as it seeks to expand its gaming presence. Twitch had 55 million unique visitors in July, most of whom went to the site to watch other people play games. Amazon's purchase is set to close in the second half of 2014.
- A federal accident board has told UPS and its pilots' union they can no longer participate in the agency's investigation of a crash last summer that killed two of the cargo shipper's pilots during a landing approach at the Birmingham, Alabama, airport. The board said both violated their party status by making public statements about the cause of the accident before the investigation is finished.
- A co-owner of a Northern California slaughterhouse accused of processing cows with cancer has pleaded guilty to a criminal charge. The San Francisco Chronicle is reporting that 77-year-old Robert Singleton, co-owner of Petaluma-based Rancho Feeding Corp., entered the plea on Friday to aiding and abetting in the distribution of adulterated, misbranded and uninspected meat. He has agreed to work with prosecutors against the company's other owner and two employees who are also charged in the case and have pleaded not guilty.
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