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Monday Morning Business Brief

July 14, 2014, 6:16 AM

Monday Morning Business Brief
NEW YORK -

Despite a small gain on Friday, U.S. stocks start the week coming off the market's biggest weekly drop since April. The Standard & Poor's 500 index rose 2.89 points, or 0.2 percent, to 1,967.57 on Friday. Its weekly decline of 0.9 percent was the biggest since April 11. The Dow Jones industrial average climbed 28.74 points, or 0.2 percent, to 16,943.81. The Nasdaq composite rose 19.29 points, or 0.4 percent, to 4,415.49. Futures point to gains this morning.

  • International stock markets rebounded today from jitters about a struggling Portuguese bank as investors looked ahead to a busy week of data releases in the U.S., China and Europe. Benchmark crude oil fell but stayed above $100. The dollar gained against the euro and the yen.
     
  • Samsung Electronics Co. says it has suspended business ties with a Chinese supplier that allegedly hired children. The South Korean company said in its blog today that it had found possible evidence of child labor and illegal hiring at Dongguan Shinyang Electronics Co. China Labor Watch said children worked at Shinyang for three to six months to meet production targets during a period of high demand. The report came after Samsung said its audit found no child labor at hundreds of Chinese suppliers.
     
  • State media report Chinese authorities have indicted British and American investigators hired by GlaxoSmithKline on charges of illegally obtaining and selling private information. The Briton blamed the pharmaceutical company for misleading and using him. The American is his wife.
     
  • Swiss chocolate maker Lindt & Spruengli says it is buying U.S. manufacturer Russell Stover Candies, Inc., for an undisclosed sum. Lindt CEO Ernst Tanner says the purchase provides "a unique opportunity for us to expand our North American chocolate business." The company says the deal will make it the No. 3 chocolate manufacturer in North America.

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