Thursday Evening Business Brief
May 22, 2014, 5:44 PM
- Stocks are carving out a modest increase for the second day in a row. They closed higher today after an encouraging report on Chinese manufacturing and improving earnings from several U.S. retailers. The S&P 500 index rose four points to close at 1,892 today. The Dow Jones industrials increased 10 points to 16,543. The Nasdaq composite gained 23 points to 4,154.
- The price of oil is down today, after hitting a one-month high yesterday. Benchmark U.S. crude for July delivery fell 33 cents to close at $103.74 a barrel in New York. On Wednesday, oil gained $1.74 to close at $104.07. At the gas pump, the average price for a gallon of regular edged up to $3.65. That's down 2 cents from a month ago.
- Hewlett-Packard says it's cutting another 11,000 to 16,000 jobs, above a target of 34,000 it outlined in a restructuring plan in May 2012. HP also reports net income in the second quarter to April 30 rose 18 percent to $1.27 billion, or 66 cents per share. Excluding certain items, adjusted earnings were 88 cents per share. Revenue fell 1 percent to $27.31 billion.
- Environmental Protection Agency officials say they've reached a deal with Duke Energy to clean up its mess from a massive coal ash spill in February. The spill coated 70 miles of the Dan River in North Carolina and Virginia with toxic sludge. EPA will oversee the cleanup in consultation with federal wildlife officials. Duke will reimburse the government for its costs.
- President Barack Obama is pitching the United States as destination spot for tourists, saying foreign visitors contribute to the economy and help create jobs. The president spoke today at the Baseball Hall of Fame and Museum in upstate New York. Obama is the first sitting president to visit the baseball institution and said its 75 years reflect America's history.
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