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Tuesday Morning Business Brief

April 29, 2014, 6:15 AM

Tuesday Morning Business Brief

Stocks start the day higher after Monday's choppy ride ended in gains. The S&P 500 rose 6.03 points, or 0.3 percent, to close at 1,869.43. The Dow Jones industrial average rose 87.28 points, or 0.5 percent, to 16,448.74 and the Nasdaq edged down 1.16 points, or 0.03 percent, to 4,074.40. The Nasdaq erased most of a 61-point loss.

  • European authorities will put banks through a test scenario that envisions plunging stock and bond markets and a steep loss of a full 7 percentage points of growth over three years. The stress tests are aimed at weeding out shaky banks so financial institutions can better support growth and jobs in an economy that's suffering from weak lending. The European Banking Authority says banks will have to maintain adequate financial buffers.
  • The major economic data of the day comes from a couple of private sector outfits this morning, as Federal Reserve policymakers start another two-day meeting to set interest rates. First up is the Standard & Poor's/Case-Shiller index of home prices for February. That's followed by The Conference Board's Consumer Confidence Index for April. A number of corporate earnings reports are also expected.
  • After a one-day delay, the Silicon Valley court battle between Apple and Samsung is entering its final phase. Lawyers for both companies are expected to deliver closing arguments Tuesday before jurors are sent behind closed doors to determine a verdict in a closely watched trial over the ownership of smartphone technology. Each company accuses the other of stealing key features.
  • Yahoo will release two new comedy series next year in hopes of becoming an even more serious player in Internet video programming. The expansion announced Monday during a presentation in New York makes Yahoo Inc. the latest technology company to mount a challenge to Netflix Inc., which runs the Internet's largest Internet video subscription service. Yahoo's comedies are "Other Space," a show revolving around an alternate universe set in the 22nd century, and "Sin City Saints," a show about the front-office antics of a fictional basketball team.

 

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