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Saturday Business Brief

December 28, 2013, 3:44 PM

Saturday Business Brief

NEW YORK (AP) - Most of Wall Street remains on vacation and trading volume was very low this past week. The stock market's six-day rally stalled out on Friday. Stocks ended the day mostly flat. The Dow Jones average closed down a point to 16,478. The S&P 500 index fell a fraction to 1,841. The Nasdaq composite was down just over 10 points at 4,156.

  • Traders believe U.S. energy demand will grow as the economic recovery continues. Oil prices rose above $100 a barrel on Friday. It's the first time it crossed that threshold since October. Benchmark crude for February delivery rose 77 cents to close at $100.32 in New York. At the gas pump, the average price of a gallon was $3.28 on Friday, up 6 cents from a week ago.
  • The international president of the Machinists union is telling members that Boeing's revised contract offer is an improvement of more than $1 billion. He says the offer Puget Sound workers will consider Jan. 3 is better than the one they rejected last month. But local union leaders say it's too similar to the last one. Boeing has vowed to build its new 777X jet in Washington if the Machinists there agree to the new contract.
  • General Electric says a study requested by New York state's comptroller shows no need to expand the dredging underway in a portion of the upper Hudson River contaminated with PCBs.  GE says the scientific and legal analysis shows wildlife is thriving there and any concern about the company getting hit with future liabilities for environmental damage is speculative. GE released the PCBs into the river decades ago.

  • Apple CEO Timothy Cook's compensation package is slightly more lucrative this year than last. A regulatory filing says Cook's pay for fiscal 2013 is valued at nearly $4.3 million, up slightly from $4.2 million in 2012. When he took the job in 2011, Apple's board set him up with a sign-on grant of 1 million shares, and his total compensation amounted to $378 million.

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