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Saturday Business Brief

January 18, 2014, 5:09 PM

Saturday Business Brief

NEW YORK (AP) - The stock market is still a little shaky early in 2014. Investors weren't impressed with the earnings news from some big U.S. companies yesterday. The S&P 500 slipped seven points. The Nasdaq fell 21. The Dow rose 41 1/2 points, but without American Express and Visa, it would have ended the day down. The market is closed Monday for Martin Luther King Jr. holiday.

  • Signs of rising demand in the U.S. are driving oil prices higher. Oil finished the week up 2 percent. On Friday, benchmark crude for February delivery rose 41 cents to close at $94.37 in New York. At the gas pump, the average retail price for a gallon of regular fell less than a penny to $3.30. That's a penny less than a week ago and a penny more than a year ago.
     
  • Men's clothing retailer Joseph A. Bank Is rejecting the latest takeover bid from rival Men's Wearhouse. Jos. A.  Bank says the $1.61 billion offer is still too low and not in the best interest of shareholders. Men's Wearhouse says it plans to take the deal to directly to shareholders. Jos. A. Bank is urging shareholders to reject it, saying it significantly undervalues the firm's potential.
     
  • The government is closing its investigation into older-model Jeeps with fuel tanks that could rupture and cause fires. The National Highway Traffic Safety Administration asked Chrysler to recall 2.7 million Jeeps last summer. Chrysler agreed to recall a little more than half of them and install trailer hitches to protect the tanks. NHTSA says it has no concerns about the recall plans.
     
  • It's the first U.S. bank failure of 2014 following 24 closures last year. The Federal Deposit Insurance Corp. has taken over DuPage National Bank, based in West Chicago, Ill. The bank had about $61.7 million in assets and $59.6 million in deposits. Republic Bank of Chicago agreed to pay the FDIC a premium of 1.20 percent to assume the closed bank's deposits.

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