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Saturday Business Brief

April 19, 2014, 12:13 PM

Saturday Business Brief
  • Wall Street is taking a long holiday weekend. The stock market closed mostly higher on Thursday following some solid corporate earnings reports. The S&P 500 rose two points to close at 1,864. The Nasdaq added nine points to finish at 4,095. The Dow, however, fell 16 points to close at 16,408. U.S. stock markets were closed on Good Friday.
  • Concern over the upheaval in Ukraine is pushing the price of oil higher. It rose past $104 per barrel on Thursday. Benchmark U.S. crude for May delivery climbed 54 cents to close at $104.30 a barrel in New York. Meanwhile, the average retail price of gasoline rose less than a penny Thursday to $3.66 per gallon, the highest level since July.
  • Fiat and Chrysler say they will build three new Jeep models in China for the local market, the biggest for Jeeps outside the U.S. The automakers announced an agreement today to expand the joint venture with China's Guangzhou Automobile Group Co.  Production is expected to begin in 2015. Fiat and Chrysler CEO Sergio Marchionne says the deal represents the next phase in the "expansion on a global scale of the Jeep brand."
  • The city of Providence, R.I. is suing dozens of Wall Street banks and other financial companies over high-frequency trading. The suit says stock exchanges, investment banks and others defrauded investors by manipulating market data in favor of split-second stock-trading firms. The federal complaint was filed yesterday in New York.
  • Chobani plans to expand beyond its Greek yogurt cups this summer as it faces intensifying competition. Starting in July the company plans to offer Chobani Oats, which is strained Greek Yogurt mixed with fruit and steel-cut oats; a dessert called Chobani Indulgent and new flavors for kids. Chobani is the biggest seller of Greek yogurt in the U.S.

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