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Thursday Evening Business Brief

February 13, 2014, 6:58 PM

Thursday Evening Business Brief

NEW YORK (AP) - Stocks are closing slightly higher after several companies reported earnings gains. The Standard & Poor's 500 index rose 10 points, or 0.6 percent, to close at 1,829. The Dow Jones industrial average gained 63 ½ points, or 0.4 percent, to 16,027. The Nasdaq composite increased 39 points, or 0.9 percent, to 4,240.

  • The price of oil is pretty flat. Benchmark crude for March delivery slipped 2 cents to $100.37 a barrel today on the New York Mercantile Exchange. Meanwhile, drivers are paying 6 cents more per gallon on average than a week ago. The nationwide average climbed 1 penny today to $3.33 a gallon.
     
  • Kraft Foods Group says cost cutting and one-time gains helped boost its quarterly profit, but its sales fell short of Wall Street expectations. In the fourth quarter, Kraft earned $931 million, or $1.54 per share, including a $1.11 per share benefit tied to its retirement plans. Revenue rose to $4.6 billion, but was shy of the $4.63 billion Wall Street expected.
     
  • Sports equipment company Bauer Performance Sports will buy Easton-Bell Sports's baseball and softball business for $330 million. Exeter, N.H.-based Bauer, best known for its hockey equipment, will own the Easton brand name and the baseball and softball business, which will continue to operate out of Van Nuys, Calif., and Salt Lake City.
     
  • Chevrolet is taking on the job of restoring the classic Corvettes swallowed by a gaping sinkhole beneath the National Corvette Museum in Kentucky. GM's head of global product development says the damaged vehicles are some of the most significant in auto history. He says the company wants to restore as many of them as possible so auto fans can enjoy them.

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