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Wednesday Evening Business Brief

May 2, 2012, 6:23 PM by Karen Sherman

Wednesday Evening Business Brief

Stocks bounced off their session lows amid concern how Friday's jobs report might look. The Dow fell 11 points, or less than 0.1 percent, to 13,269. The S&P slipped nearly 4, while the Nasdaq rose 9 points.

  • News Corp.'s board of directors has announced "full confidence in Rupert Murdoch's fitness" backing his leadership amid a probe of phone hacking and bribery by the company's U.K. newspapers. That stands in contrast to the finding of a British parliamentary committee which said Murdoch was "not a fit person" to head a major international company.
  • Federal regulators say 11 people exploited the deadly 2010 earthquake in Haiti to illegally sell stock in a U.S. company that they wrongly told investors would build homes in the devastated country. The SEC says the mastermind of the scheme was Kevin Sepe of Miami. He and five others have agreed to pay a total $3.2 million to settle civil charges.
  • Target is phasing out Amazon.com's e-reader Kindle at its more than 1,700 stores and its website. Retailers are trying to avoid serving as virtual showrooms for merchandise sold online.
  • Oil prices have slipped on concerns about a weakening European economy and disappointing job growth in the U.S. Benchmark West Texas Intermediate crude dropped 94 cents to end the day at $105.22 per barrel in New York.

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