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Saturday Business Brief

May 3, 2014, 3:37 PM

Saturday Business Brief

NEW YORK (AP) - Investors still appear ambivalent about the economy and worried about the situation in Ukraine. The stock market ended lower yesterday despite a government report that said employers hired at the fastest pace in two years last month. The S&P 500 fell 2 ½ points Friday to close at 1,881. The Dow lost 46 points to 16,512. And the Nasdaq dropped 3 ½ points to 4,123.

  • Record oil supplies and the Ukrainian crisis are of ongoing concern to oil traders. That's keeping the price of below $100 a barrel for now. It edged up a bit yesterday, however, after a strong report on job gains. Benchmark U.S. crude oil for June delivery gained 34 cents to $99.76 a barrel in New York. Also, the average price for a gallon of gasoline fell a penny Friday to $3.68.
  • Pharmaceutical giant Pfizer says it hasn't given up on a deal after British drugmaker AstraZeneca flatly rejected its latest takeover bid, worth $106 billion. New York-based Pfizer, the world's second-biggest drugmaker by revenue, made a third unsuccessful attempt for its rival yesterday with an offer $84 per share in cash and stock. AstraZeneca says it's not enough.
  • A federal jury in California says Samsung infringed Apple smartphone patents and awarded Apple just over $119 million in damages. Jurors also ruled Friday that Apple infringed Samsung patents and awarded Samsung $158,000. The jury was ordered to return to court Monday to reconsider damages wrongly calculated for one of Samsung's phones found to infringe.
  • General Motors is recalling more than 51,000 SUVs because the fuel gauges may show inaccurate readings. The recall involves the Buick Enclave, Chevrolet Traverse and GMC Acadia from the 2014 model year. GM says the engine control module software may cause the fuel gauge to read inaccurately, meaning the vehicle could run out of fuel and stall without warning. The company says it doesn't know of any crashes or injuries related to the problem.

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