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Thursday Evening Business Brief

April 10, 2014, 7:00 PM

Thursday Evening Business Brief

NEW YORK (AP) - Investors are dumping biotechnology shares and other industries that have soared over the past year. As a result, the Nasdaq composite had its worst day since 2011. The index lost 129 points, or 3.1 percent, to close 4,054, its biggest drop since November 2011. The Dow fell 266 points, 1.6 percent, to 16,170. The S&P 500 lost 39 points, or 2.1 percent, to 1,833.

  • The price of oil is down slightly. It slid after China reported weak monthly trade data.  Benchmark crude for May delivery fell 20 cents to $103.40 on the New York Mercantile Exchange. Meanwhile, the average price for a gallon of gasoline rose 1 cent to $3.61. The price is up 12 cents from a month ago, and is 4 cents higher than at this time last year.
     
  • For the first time, U.S. Internet advertising revenue has surpassed that of broadcast television thanks to sharp growth in mobile and digital video ads. That's according to a report from the Interactive Advertising Bureau. IAB says Internet ad revenue rose 17 percent to a record $42.8 billion in 2013. Broadcast TV ad revenue, in comparison, was $40.1 billion in 2013.
     
  • Online retailer Amazon says it's buying digital comics company comiXology for an undisclosed sum. Amazon says the acquisition will help it offer more and better digital comic books and graphic novels. ComiXology offers digital comic books from more than 75 publishers, including giants Marvel and DC, plus independents. The firm's headquarters will remain in New York.
     
  • A lot more people are about to get a chance to own the Internet-connected eyewear known as Google Glass. Google will sell the "Explorer" version of Glass to any U.S. resident who places an online order for the device beginning at 9 a.m. PDT April 15. The product will cost $1,500. It's the first time Google has made Glass available to consumers without special access.

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