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Tuesday Evening Business Brief

October 18, 2011, 6:30 PM

Tuesday Evening Business Brief
Stocks surged in late trading on renewed hopes of a favorable resolution of the European debt crisis. At the closing bell, the Dow gained 180 points to 11,577. The S&P was up 25 points or 2 percent, while the Nasdaq jumped 43 points. 
  • Intel shares are higher in after-hours trading, after reporting better-than-expected earnings per share.  The chip giant says improving sales of chips for laptop PCs and computer servers led to a 17 percent increase in quarterly profit, as well as a 28 percent jump in revenue.
  • With the hope of reducing excessive speculation, federal regulators have capped the volume of futures trading for 28 commodities. The action by the Commodity Futures Trading Commission affects futures contracts for agricultural commodities, energy and metals that are traded on several U.S. exchanges.
  • Oil prices edged a bit higher. Benchmark crude rose $1.96, or 2.3 percent, to settle at $88.34 per barrel in New York.
  • The latest lawyer to represent a New York state man suing for part ownership of Facebook wants off the case.  At issue is the attorney's request to halt Paul Ceglia's court proceedings for three weeks to give a new lawyer time to prepare following his withdrawal. The suit claims the man is entitled to half of Facebook because of a 2003 deal he made with the social networking website's founder, Mark Zuckerberg, when they worked on another project.

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