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Thursday Evening Business Brief

July 10, 2014, 6:30 PM

Thursday Evening Business Brief

NEW YORK (AP) - Stocks have finished the day lower, but the losses weren't as bad as they were in the opening minutes of trading today. By day's end, the Dow was about 70 points lower -- after falling as much as 180 points in the first half-hour of trading. The sell-off came on news out of Europe about accounting irregularities at a company connected to a major bank in Portugal. The S&P 500 ended the day down eight points, and the Nasdaq composite lost 23 points.

  • Verizon says it added more than 1.4 million long-term wireless subscribers in the second quarter, with strong gains in both smartphones and tablets.Verizon Communications Inc. CEO Lowell McAdam said the company's wireless profit margins remain consistent with the past several quarters. Verizon is the nation's largest wireless carrier.
     
  • The gun manufacturer Remington Arms Co. says it will replace trigger mechanisms on Model 700 bolt-action hunting rifles, or provide some compensation to buyers, as part of a settlement of class-action lawsuits. Suits filed in Missouri and Washington state claimed the rifle has a defective trigger mechanism that can cause injury and death. They claimed that Model 700 rifles sometimes fire unexpectedly, without a trigger pull.
     
  • A federal judge has ordered the IRS to explain under oath how it lost a trove of emails to and from a central figure in the agency's tea party controversy. U.S. District Judge Emmet Sullivan today gave the tax agency a month to submit the explanation in writing. Sullivan said he is also appointing a federal magistrate to see whether the lost emails can be obtained from other sources.
     
  • The Senate has confirmed President Barack Obama's housing chief as the new director of the White House budget office. The 75-22 vote to confirm Shaun Donovan today completes a second-term Cabinet shuffle. It began when Kathleen Sebelius (seh-BEEL'-yuhs) stepped down as health secretary and was replaced by the president's budget chief, Sylvia Mathews Burwell.

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