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Thursday Evening Business Brief

June 21, 2012, 5:13 PM

Thursday Evening Business Brief

Stocks were on the slide Thursday, amid worries about the economy in the U.S. and elsewhere around the world. The Philadelphia branch of the Federal Reserve also reported a sharp drop in manufacturing in the Northeast. The Dow finished with a loss of 251 points, or 2 percent at 12,574. The S&P 500 lost 30 points, while the Nasdaq declined 71 points.

  • A pair of analysts at Goldman Sachs helped to spread some of today's market gloom. They recommended to clients that they bet against the S&P 500 index.  They wrote the market "will need to confront a deteriorating growth picture near term."
  • A financial regulator has fined Merrill Lynch $2.8 million for overcharging customers with fees and for failing to provide timely trade confirmations. The Financial Industry Regulatory Authority says Merrill was fined after it found the broker overcharged nearly 95,000 customer accounts with fees totaling more than $32 million over a number of years.
  • The price of crude oil has dropped to the lowest level in nearly nine months. The near-month contract for the benchmark grade fell $3.25 closing at $78.20 a barrel.
  • Twitter users were unable to access the micro-blogging service for a part of the day. It said the problem was caused by a "cascaded bug", a reference to a software problem.

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