Tuesday Evening Business Brief
August 12, 2014, 5:28 PM
- Stocks have closed lower on Wall Street following two days of gains as investors focus on problems in Ukraine and Iraq. Energy stocks fell more than the rest of the market, dragged down by a decline in the price of crude oil. The Dow Jones industrial average lost nine points. The S&P 500 fell three, while the Nasdaq composite lost 12 points.
- Hundreds of thousands of people who signed up under the new health care law risk losing their taxpayer-subsidized insurance unless they act quickly to resolve questions about their citizenship or immigration status. The government warned today that they have just over three weeks to show that they're eligible.
- The federal government ran a lower deficit this July than a year ago, keeping it on course to record the lowest deficit in six years. The Treasury Department says in its monthly budget statement that the July deficit was $94.6 billion, an improvement of 3.1 percent from a year ago. For the first 10 months of this budget year, the deficit totals $460.5 billion, down 24.2 percent from the same period a year ago.
- A $2.4 billion resort that was widely seen as the last, best chance for Atlantic City's gambling market is shutting down. The closure of the Revel will throw 3,200 people out of work and hurt state and local budgets.
- A new study by Apple Inc., shows the company mostly relies on white and Asian men for its top-paying technology jobs. This breakdown, released today, advances the perception that the Silicon Valley's economic boom is largely excluding women, blacks and Hispanics.
© 2014 Associated Press. All rights reserved. Material may not be redistributed.