Thursday Evening Business Brief
August 22, 2013, 5:17 PM
- Encouraging news about global manufacturing pushed stock indexes higher today. The Dow Jones industrial average rose 66 points to close at 14,963. The blue chip index was coming off six straight losses. The S&P 500 index was up 14 points to 1,656. The Nasdaq composite rose 38 points. Trading was halted on the Nasdaq for 3-hours because of a technical glitch.
- Oil has its first gain of the week, driven by a rebound in manufacturing in China and Europe. Benchmark oil for October delivery rose $1.18 to close at $105.03 a barrel in New York. Meanwhile, drivers in most parts of the U.S. continue to pay less at the gas station than a year ago. The average for a gallon of gas held steady at $3.54, down 19 cents from this time last year.
- United Parcel Service is ending health-insurance benefits for employees' spouses who can get coverage elsewhere. It blames the change on the new health-care law. UPS estimates that 15,000 of 33,000 spouses can get coverage from their own employer and will be dropped from the UPS plan. The worldwide parcel-delivery company says it's just going with the crowd.
- A former hedge fund portfolio manager accused of carrying out a record-setting insider trading scheme has been accused in New York of soliciting illegal inside information from doctors. A rewritten indictment against Mathew Martoma says he pursued the information from 2006 to 2008 while he worked at SAC Capital Advisors. The Boca Raton, Fla., man pleaded not guilty to conspiracy and securities fraud and is free on bail.
- A company that makes TV's is moving a plant from China to South Carolina, bringing 500 new jobs. The $7.5 million Element Electronics plant will be located in Winnsboro in a building that's been vacant for several years. Officials say they picked the site because it's close to major distribution centers for Wal-Mart, Target and shopping channel QVC.
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