Wednesday Evening Business Brief
September 18, 2013, 5:55 PM
- The stock market is closing at a record high after the Federal Reserve's decision to keep its economic stimulus in place. The Dow Jones industrial average has jumped 147 points, or 1 percent, to 15,676. The Standard & Poor's 500 index rose 21 points, or 1.2 percent, to 1,725. Both were records. The Nasdaq rose 38 points, or 1 percent, to 3,783. Volume today was heavy.
- Oil is seeing its biggest gain in three weeks. Traders pushed the price up today after the Federal Reserve announced it would maintain its economic stimulus and the Energy Department reported a bigger than expected drop in supplies of oil and gasoline. Benchmark crude for October delivery gained $2.65, or 2.5 percent, to close at $108.07 a barrel in New York.
- Janet Yellen is now the clear front-runner to be nominated as chair of the powerful Federal Reserve. She emerged as the leading contender after President Barack Obama's first choice, Larry Summers, withdrew his name from consideration. Summers would have faced a bruising and potentially losing confirmation fight. Yellen is now the Fed's vice chair.
- A newspaper is reporting that struggling smartphone maker BlackBerry could cut its workforce by up to 40 percent by the end of the year. Citing unidentified people familiar with the matter, the Wall Street Journal says the Canadian company plans to make the cuts through layoffs that will occur in all of its departments, potentially affecting several thousand people.
- Walt Disney Pictures has pushed the release date of the Pixar film "The Good Dinosaur" to November 2015, leaving the Pixar cupboard bare for next year. The 3-D film had been planned to hit theaters in May before today's announcement. It means that 2014 will be the first year since 2005 to go without a new Pixar movie.
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