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Thursday Evening Business Brief

August 2, 2012, 5:45 PM

Thursday Evening Business Brief

Stocks have fallen for the fourth day straight day. Wall Street traders were disappointed that European leaders didn't offer more detailed plans for tackling the region's debt crisis. The Dow Jones industrial average lost 92 points to close at 12,879. The Standard & Poor's 500 index fell 10 points to 1,365. The Nasdaq also lost 10 points, ending the day at 2,910.

  • The price of oil dropped 2 percent today after the head of the European Central Bank failed to take immediate action to prop up the weak eurozone economy. Fuel demand in Europe has slackened, with six of the 17 nations that share the euro in recession. Benchmark U.S. crude lost $1.78 to end the day at $87.13 per barrel in New York.
  • A Bristol-Myers Squibb executive is being held on $250,000 bail following his arrest on insider trading charges. New Jersey's U.S. attorney says the executive, Robert Ramnarine, bought and sold stock in companies that his pharmaceutical firm was considering buying. The Securities and Exchange Commission also has filed civil insider-trading charges against him and is seeking to freeze his brokerage account assets, as well as other penalties.
  • American International Group says its net income rose in the second quarter as its property and casualty and life insurance business brought in more revenue. AIG earned $2.33 billion or $1.33 per share, versus $1.84 billion or $1 per share in the same period a year ago. During the quarter, AIG repaid all the loans it owed to the Federal Reserve as part of the financial rescue measures it received in 2008 and 2009. The U.S. government still owns 61 percent of AIG.
  • CBS says its net income rose 8 percent in the second quarter, beating analysts' expectations, even as advertising revenue fell and it took in less money from the sale of program reruns. The broadcast network operator said revenue was hurt because it did not repeat big gains it posted a year ago, including an initial bump from its TV licensing deal with Netflix.

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