Tuesday Evening Business Brief
July 22, 2014, 4:20 PM
- Solid earnings for a range of big companies helped nudge the stock market higher today. The restaurant chain Chipotle Mexican Grill and the cable giant Comcast surged after reporting better results than Wall Street expected. The Standard & Poor's 500 index added 9.90 points. The Dow Jones industrial average rose 61.81 points, or 0.4 percent and the Nasdaq composite advanced 31.31 points, or 0.7 percent.
- President Barack Obama says that as the economy adds new jobs, Americans must have the skills to fill them. He spoke today at a signing ceremony in Washington for bipartisan job-training legislation aimed at improving business engagement and accountability in federally funded programs. Obama says it will give states and cities more flexibility in managing their job-training programs.
- LinkedIn says it's spending $175 million to buy Bizo, a provider of advertising technology and measurement services aimed at professionals. LinkedIn Corp. says it is paying 90 percent in cash and the rest in stock for San Francisco-based Bizo. The deal is expected to close in the third quarter. Founded in 2008, Bizo lets marketers target professionals with ads they want them to see, and helps measure the effectiveness of the ad campaigns.
- Apple's growth prospects are looking brighter as anticipation builds for the upcoming release of the next iPhone, a model that is expected to cater to consumers yearning for a bigger screen. The latest evidence of Apple's mounting momentum emerged Tuesday with the release of the company's fiscal third-quarter report.
- A federal judge in New York has ordered around-the-clock negotiations aimed at averting a second debt default by Argentina in 13 years, saying a default would hurt "real people." U.S. District Judge Thomas Griesa issued the order from the bench today after describing why Argentina must live up to documented promises it made to bondholders it now demonizes as "vultures" before it experienced a record $100 billion default in 2001.
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