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Thursday Morning Business Brief

August 21, 2014, 5:40 AM

Thursday Morning Business Brief
NE -

The pace of trading on Wall Street has slowed as the summer draws toward an end, but the market managed to rise yesterday for the third straight day. The Dow Jones industrial average rose 59 points, or 0.4 percent, to 16,979.

  • The Labor Department today will report on the number of people who applied for unemployment benefits last week. In the previous week, more people applied for benefits, though the figure remained near pre-recession levels. And the Conference Board will issue its index of leading economic indicators for July. In June, the index, which is designed to predict the economy's future health, increased for a fifth straight month.
  • Bank of America has reached a record settlement of nearly $17 billion with the government. The aim is to resolve a federal investigation into the bank's role in the sale of mortgage-backed securities before the 2008 financial crisis. That's according to people directly familiar with discussions in the case. The settlement could be announced as early as today.
  • Warren Buffett's company has agreed to an $896,000 penalty for failing to give advance notice to regulators about a December 2013 investment in wallboard maker USG Corp.The Federal Trade Commission said Wednesday that Berkshire Hathaway Inc. should have notified the Justice Department before it converted $325 million of senior USG notes it held into 21.4 million shares of the company.
  • They've turned to politicians, bureaucrats, businessmen and union reps to try to save their jobs at three Atlantic City casinos scheduled to close soon. Now, hundreds of soon-to-be unemployed dealers, cocktail servers and hotel workers are turning to what many say could be their last, best chance. They are praying for help.

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