Thursday Evening Business Brief
June 26, 2014, 5:05 PM
- Stocks are closing lower on Wall Street, with banks posting some of the biggest declines. The Dow Jones industrial average fell 21 points to close at 16,846. The S&P 500 index lost two points to 1,957 and the Nasdaq composite slipped less than a point to 4,379.
- The price of oil is down. Benchmark U.S. crude for August delivery fell 66 cents to $105.84 a barrel today on the New York Mercantile Exchange.
- Nike says fourth-quarter net income rose 5 percent as higher revenue offset heavy investments in marketing for the World Cup soccer tournament. Results topped analyst expectations. The athletic gear maker says net income for the three months ended May 31 rose to $698 million, or 78 cents per share. Revenue rose 11 percent, to $7.43 billion from $6.7 billion.
- Chinese e-commerce company Alibaba will list its shares on the New York Stock Exchange. The company disclosed in a regulatory filing that its American depositary shares will be listed on the NYSE under the ticker symbol "BABA." Alibaba Group Holding Ltd. filed for an IPO in May, and the company is expected to go public in late summer or early fall.
- The IRS is starting a voluntary program to certify paid tax preparers who complete annual training and pass a competency test. Most preparers are now unregulated. The IRS says the goal is to help consumers know which tax preparers have at least a minimum level of competency. Attorneys, CPAs and others who represent clients before the IRS are exempt because they already undergo training.
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