Thursday Evening Business Brief
August 23, 2012, 5:46 PM
- Stocks fell for the fourth day in a row with the Dow Jones industrial average posting its largest loss in more than a month. The revelation that further Fed help on the economy isn't as certain as most everyone thought drove markets lower. The Dow lost 115 points to close at 13,057. The S-and-P 500 index fell 11 points to 1,402. The Nasdaq composite index lost 20 points and closed at 3,053.
- Oil prices went for a ride today. The price of benchmark crude rose above $98 a barrel before worries about Europe pushed it back down again. It ended down 99 cents at $96.27 a barrel.
- The euro has hit a seven-week high against the dollar. It was helped by the Labor Department report that showed an increase in first time claims for jobless benefits. The euro ended at $1.256 after climbing as high as high as $1.2589.
- General Motors says it will invest $220 million at two Ohio factories to build the next generation of its Chevrolet Cruze compact car. The company says the move will preserve more than 5,000 jobs. GM says the new Cruze will get fresh styling, a nicer interior and better gas mileage than the version that's currently available.
- Kodak is looking to sell its document imaging and personalized imaging businesses with an eye toward emerging from bankruptcy protection next year. The company says the moves will enable it to focus on its printing and business services.
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