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Monday Morning Business Brief

April 7, 2014, 5:38 AM

Monday Morning Business Brief

The stock market is continuing to trade near record highs and investors are wondering if it can climb much higher without some very positive economic news. The major indexes ended lower on Friday because of a slump in technology stocks. The tech-heavy Nasdaq plunged 110 points. The S&P 500 fell 24 and the Dow dropped 160 points. Futures point to opening losses this morning.

  • A sell-off of Internet and technology stocks that started on Wall Street spread around the globe today, with such companies in Asia hammered by worries about the sector's excessively high valuations. The dollar inched up against the yen and fell against the euro. Benchmark U.S. crude oil fell but remains above $100.50 a barrel.
  • There's only one major economic report scheduled for release today. It's February's consumer credit data from the Federal Reserve. On Tuesday, the Labor Department will release its job openings and labor turnover survey for February. After the market closes today, Alcoa will report its quarterly financial results.
  • Scientists and government representatives have begun a weeklong meeting in Berlin on climate change. They say the goal is agreement on keeping global temperature increases below 2 degrees Celsius (3.6 F) by the end of the century. The head of the United Nations scientific panel has urged governments to bridge their differences.
  • A major new survey finds that fewer Americans are going without health insurance after the initial signup season of the Affordable Care Act. The Gallup-Healthways Well-Being Index released today finds the share of adults without health insurance shrank from 17.1 percent at the end of last year to 15.6 percent for the first three months of 2014.

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