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Tuesday Morning Business Brief

September 4, 2012, 5:40 AM

Tuesday Morning Business Brief

Wall Street comes back to work after a long holiday weekend. The market saw a gain for the key averages for the week, as well as for the month of August.

  • World stock markets have fallen Tuesday because of uncertainty about what authorities in the U.S., China and Europe might do to deal with a souring global economy. Stocks had posted gains on Monday based on assumptions that a contraction in China's manufacturing for August would be followed by the announcement of new measures to bolster growth. But the People's Bank of China appears to be resisting calls for more aggressive measures. European stocks have followed Asian markets lower.
  • A weaker dollar boosted oil prices Tuesday even as a resumption of refinery operations in the Gulf of Mexico in the aftermath of Hurricane Isaac eased concerns over supply disruptions. The Bureau of Safety and Environmental Enforcement said Monday that 800,000 barrels per day of oil production remained offline, 58 percent of Gulf of Mexico production. No major damage as reported.
  • A key reading on the U.S. manufacturing sector is due today from the Institute for Supply Management. Also today, figures on August car sales are expected from the major manufacturers.
  • Toys R Us is launching a layaway program Tuesday that waives its service fee and minimum purchase requirement. The move is intended to counter tough competition from online retailers. Retailers will be pulling out all the stops for customers as the intensely competitive holiday season approaches.

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