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Saturday Business Brief

August 2, 2014, 3:19 PM

Saturday Business Brief

NEW YORK (AP) - Investors may be wondering if the weekend break will provide some stability to the stock market. Stocks fell for a second day yesterday, adding to the massive sell-off Thursday and giving the Standard & Poor's 500 index its worst week in two years. The S&P 500 lost 5 ½ points, closing at 1,925. The Dow Jones industrials dropped 70 points to 16,493. The Nasdaq fell 17 points to 4,352.

  • The price of oil has fallen to its lowest level since Feb. 6. Benchmark U.S. crude dropped 29 cents yesterday to $97.88 a barrel on the New York Mercantile Exchange. Oil ended the week with a loss of $4.21 a barrel, or 4 percent.
  • Dismantling the San Onofre nuclear power plant in Southern California will take two decades and cost $4.4 billion, according to a plan announced by Southern California Edison. UT San Diego says it could be the most expensive decommissioning in the 70-year history of the nuclear power industry. But Edison CEO Ted Craver says there's already enough money to pay for it. Edison shut down the plant in 2012 after extensive damage was found to tubes carrying radioactive water.
  • Microsoft is suing Samsung for calling a halt to the royalties it was paying Microsoft for patents behind the Android operating system. A Microsoft lawyer says Samsung stopped royalty payments late last year after Microsoft announced in September it was acquiring Nokia's devices business. One analyst estimates royalties on its Android patents bring Microsoft nearly $2 billion a year.
  • A former investment banker who admitted making trades based on inside information to cover child support has been sentenced on New York securities fraud charges to 2 1/2 years in prison. Frank Perkins Hixon Jr., a former senior executive at the Evercore Group, was sentenced yesterday in federal court in Manhattan. Evercore fired Hixon in January.

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