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Thursday Evening Business Brief

August 28, 2014, 6:53 PM

Thursday Evening Business Brief

Worsening tensions in Ukraine and some weak showings from retailers are sending U.S. stocks lower for the first time this week. The Dow Jones industrial average fell 42 points today to close at 17,079. The Dow is coming off three days of gains. The S&P 500 index lost three points to end up at 1,996. The Nasdaq composite fell 12 points to 4,557.

  • The price of oil in New York is up for the third day in a row on evidence of a stronger U.S. economy. Benchmark U.S. crude rose 67 cents to close at $94.55 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 26 cents to close at $102.46 on the ICE Futures exchange in London.
  • President Barack Obama is drawing attention to heartening evidence of economic growth. As he puts it, "there's reason to feel good for the direction we are heading." The government says the U.S. economy grew at an annual rate of 4.2 percent in the April-June quarter. Obama says he still wants to push Congress to take more action to move the economy along.
  • Janet Yellen's latest financial disclosure shows that the Federal Reserve chair's assets rose in value by at least 8 percent during 2013, raising their total to between $5.3 million and $14.1 million. Yellen's biggest asset is a trust fund she set up in 1992 with her husband, economist George Akerlof. The value of that fund is estimated at between $1 million and $5 million.
  • A person familiar with the situation says JPMorgan Chase is working with law enforcement officials to investigate a possible cyberattack, though the big bank isn't currently seeing any unusual fraud activity at the time. The FBI says only it's working with the Secret Service to determine the scope of recent cyberattacks against "several American financial institutions."

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