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Saturday Business Brief

May 31, 2014, 3:08 PM

Saturday Business Brief

NEW YORK (AP) - Investors still can't make up their mind about the U.S. economy. The stock market has closed out May on a mostly higher note but trading was uneven yesterday. The Dow Jones industrial average and S&P 500 hit all-time highs, but just barely. The Dow rose 18 points to close at 16,717 and the S&P was up 3 ½ points, to 1,923. But the Nasdaq fell 5 points to 4,242.

  • Oil traders are expected to focus next week on macroeconomic news, including a manufacturing report and employment data. The reports could change expectations for gasoline, diesel and crude demand. Meanwhile, the price of crude fell below $103 per barrel yesterday in New York because of ample fuel supplies. Gasoline rose a penny to an average $3.66 a gallon.
     
  • Golfer Phil Mickelson says he's cooperating in an insider trading investigation involving him, investor Carl Icahn and Las Vegas gambler Billy Walters. Mickelson's manager confirms the investigation, which was reported in several newspapers, including the Wall Street Journal. The reports, citing unidentified sources, say federal investigators are looking into the trading patterns of Mickelson and Walters involving two stocks. Mickelson says he did nothing wrong.
     
  • The NBA isn't going to hold a hearing to oust embattled Los Angeles Clippers co-owner Donald Sterling in advance of a vote on a deal negotiated by his wife to sell the team to former Microsoft CEO Steve Ballmer for $2 billion. But Donald Sterling's attorneys have filed suit in federal court against the NBA and its commissioner asking for damages in excess of $1 billion.
     
  • Los Angeles is suing JP Morgan Chase, alleging mortgage discrimination that the city says led to a wave of foreclosures that blighted neighborhoods, reduced property taxes and increased the need for costly city services. The city attorney filed similar lawsuits in December against Bank of America, Wells Fargo and Citigroup, who all denied the allegations.

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