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Thursday Morning Business Brief

August 7, 2014, 5:43 AM

Thursday Morning Business Brief

Investors are looking for more stability in the stock market. Stocks held steady yesterday after a sizable drop on Tuesday. The S&P 500 rose a fraction of a point Wednesday to 1,920. The index lost 18 points on Tuesday. The Dow industrials rose 14 points to 16,443 and the Nasdaq composite rose two points to 4,355.

  • Global stocks are mostly lower today as markets waited for central bank meetings in Europe and Japan. Investors are also on edge about tensions between Ukraine and Russia. Benchmarks indexes in Britain and France are lower, while Germany's DAX is flat. Japan's Nikkei added 0.5 percent, follow five straight losing sessions. Other Asian markets were down.
  • Russia is retaliating against sanctions imposed against it over the crisis in Ukraine. Moscow is banning imports of meat, fish, fruit, vegetables, milk and milk products from the United States, the European Union, Australia, Canada and Norway. Prime Minister Dmitry Medvedev says Russia is also considering banning Western carriers from flying over Russia on flights to and from Asia - a move that would significantly swell costs and increase flight time.
  • Bank of America may be close to resolving the federal investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis. A person directly familiar with the matter tells The Associated Press that the bank is nearing a $16 billion to $17 billion settlement, which would make it the largest Justice Department settlement arising from the economic meltdown in which millions of Americans lost their homes to foreclosure, topping the deals reached with Citigroup and JPMorgan Chase.
  • The government will release the weekly jobless claims number today. Also due out are the weekly mortgage rate report from Freddie Mac and the Federal Reserve's report on June's consumer credit data. Freddie Mac and Fannie Mae will report quarterly financial results as well. Selected chain retailers will release July sales today.

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