Monday Morning Business Brief
January 13, 2014, 5:37 AM
- Wall Street is starting off the week with a tail wind. Stock indexes ended mostly higher Friday after wavering for much of the day. The government's disappointing December jobs report was brushed off by most investors as an aberration. The S&P 500 rose four points. The Nasdaq climbed 18. The Dow, which fell 8 points, would have risen slightly if Chevron hadn't slumped. Futures point to losses at this morning's opening.
- International stock markets were mostly higher today as investors shrugged off weak U.S. employment figures as a fluke and looked forward with optimism to earnings season. The dollar fell against the yen and gained against the euro. Benchmark crude oil fell below $92.50 per barrel.
- There's only one government economic report due out today. It's December's federal budget from the Treasury Department. But tomorrow, investors will learn how retailers fared in December when the Commerce Department releases last month's sales data. Commerce will also report on business inventories for November.
- Defense contractor Honeywell International says it is cooperating with a Department of Justice probe into the overseas production of equipment it provided for a U.S. fighter jet. The government inquiry involves electronics that Honeywell manufactured for the government's advanced new F-35 fighter planes. Honeywell says the component was produced in China "for a short period of time," but then voluntarily moved to the U.S.
- A graft probe in China that has focused on foreign pharmaceutical makers has widened to include China's biggest drug distributor. The company says two former executives are the target of the corruption investigation. Investigations last year focused on foreign drug makers suspected of paying doctors or other hospital employees to encourage use of their products.
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