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Tuesday Morning Business Brief

July 31, 2012, 5:37 AM

Tuesday Morning Business Brief

Wall Street saw stocks drift lower in Monday trading. The Dow fell nearly 3 points to 13,073. The S&P was down a fraction, while the Nasdaq lost 12 points.

  • World stocks were mostly higher today, kept aloft by mounting expectations that European policymakers would unleash powerful measures to battle the continent's debt crisis. In early European trading, stocks are up in Germany, but down in Britain and flat in France. Earlier, Asian markets closed higher.
  • Oil fell to near $89 a barrel today in Asia as investors wait to see if European finance chiefs deliver on bold talk of saving the euro. Benchmark crude was down 32 cents at $89.46 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 35 cents to $89.78 on Monday in New York.
  • The Federal Reserve appears to be moving toward announcing some new step to try to energize the troubled U.S. economy. But what that action might be and when it'll take it isn't clear. Chairman Ben Bernanke has said the Fed is prepared to take further action if unemployment stays high. But experts say the economy hasn't slowed enough to take action right now. The Fed meets today and tomorrow.
  • A jury has been selected to hear Apple's claims that Samsung Electronics' smartphones and computer tablets are illegal knockoffs of the iPhone and iPad. Lawyers for both sides are expected to make opening statements today in a federal courtroom in San Jose, Calif.

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