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Thursday Morning Business Brief

June 5, 2014, 5:54 AM

Thursday Morning Business Brief
NEW YORK -

Wall Street is in a holding pattern. Stocks rose modestly yesterday as investors waited to see if the European Central Bank tries to stimulate the eurozone's economy by lowering the key interest rate to below zero. Policymakers are meeting in Germany today. Investors also want to see the latest weekly jobless claims today and the government's monthly jobs report tomorrow.

  • The Labor Department is out with the weekly jobless claims number today. Also, Freddie Mac will release weekly mortgage rates. And selected chain retailers will report their May sales comparisons. In Frankfurt, the European Central Bank's governing council is meeting today to set monetary policy for the eurozone.
     
  • Global stocks were lackluster Thursday after payroll processor ADP said U.S. employers slowed hiring last month and investors looked ahead to a European Central Bank meeting. Oil declined but stayed above $102 per barrel after U.S. government data showed a fall in stockpiles of crude and rising supplies of refined fuels.
     
  • A former federal prosecutor is set to release his findings in an investigation of why it took so long for General Motors to order a recall of small cars with faulty ignition switches. The report was paid for by GM with the promise of an "unvarnished" inquiry. It is expected to address just how high in the company knowledge of the problem reached.
     
  • South Korea's economic growth hit its highest level in three years in the first quarter, boosted by new home construction and exports of electronics.The Bank of Korea said Thursday that Asia's fourth largest economy expanded 3.9 percent over a year earlier, the fastest clip since the first quarter of 2011.

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