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Saturday Business Brief

August 9, 2014, 4:23 PM

Saturday Business Brief

NEW YORK (AP) - Investors may be breathing a sigh of relief after the stock market turned positive yesterday. The Dow Jones industrials surged 186 points, or 1.1 percent, to close at 16,553, its biggest gain since March. The S&P 500 rose 22 points, or 1.2 percent, to 1,931, its biggest gain since March 4. The Nasdaq closed up 36 points, or 0.8 percent, to 4,370.

  • There's growing concern over the deepening crisis in Iraq and the possibility that it could affect global oil supplies. That pushed up the price of benchmark U.S. crude yesterday. It rose 31 cents to close at $97.65 a barrel in New York. But Brent crude, a benchmark for international oils, fell 42 cents to close at $105.02 in London.
  • Volkswagen of America is recalling more than 150,000 Tiguan SUVs due to the possibility of stalling. No accidents or injuries have been reported. The problem is with fuel pumps on some models from 2009 to 2014. Gas bubbles may form in the fuel system when winterized fuel is used in warmer months or warmer areas, which could lead to the car stalling. Dealers will install revised software in the cars to fix the problem.
  • A Georgia judge has denied a General Motors motion to dismiss a wrongful death case against the automaker. Trial has been set for April 2016. The family of a 29-year-old nurse who died in a 2010 car crash near Atlanta sued GM alleging that a faulty ignition switch in her 2005 Chevrolet Cobalt unexpectedly shut off the engine, causing her to lose control of the car. The family settled last year with GM for $5 million, but filed a new complaint in May alleging that GM fraudulently concealed evidence.
  • One of the largest ranches in the U.S. and an icon for Texas horse and cattlemen is up for sale. It's listed for $725 million, marking the end of a decades-long courtroom battle among the heirs of cattle baron W.T. Waggoner, who established the estate in 1923. The broker says the estate falls within a "super asset class" It includes the 510,000-acre ranch.

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