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Wednesday Evening Business Brief

December 11, 2013, 5:08 PM

Wednesday Evening Business Brief
  • Stocks are falling on Wall Street as traders react to disappointing earnings from U.S. companies. Health care stocks had some of the biggest declines. The Dow Jones industrial average dropped 130 points, or 0.8 percent, to close at 15,843 today. The S&P 500 index fell 20 points, or 1.1 percent, to 1,782. The Nasdaq composite fell 57 points, or 1.4 percent, to 4,003.
  • The price of oil is down 1 percent today after the government reported a large buildup in supplies of gasoline and distillate fuels such as diesel. Benchmark crude for January delivery dropped $1.07 to close at $97.44 in New York. At the gas pump, the average price for a gallon of regular held steady at $3.26. That's unchanged from a week ago.
  • Hilton Hotels, which went private in 2007, says its initial public offering priced today at $20 per share for a total take of $2.35 billion on the sale of 117.6 million shares. The payoff surpasses the $2.1 billion generated by Twitter's IPO last month. Blackstone Group, which led the $20 billion buyout of Hilton six years ago, isn't selling any shares in the IPO, and will still hold majority voting power.
  • The Food and Drug Administration says it has approved the first generic versions of the blockbuster. antidepressant drug Cymbalta, offering lower-cost access to one of the most widely prescribed treatments for depression, anxiety and other disorders. Cymbalta is Eli Lilly & Co. Inc.'s best-selling drug. The FDA says it has approved six generic versions of the pill.
  • IKEA is recalling millions of children's lamps following the death of a child who choked on the lamp's cord and another was injured.  The "SMILA" series wall-mounted children's lamps were sold at IKEA from 1999 through 2013. There were 2.9 million of the recalled lamps sold in the U.S. and 1.1 million sold in Canada. A total of 23 million were sold worldwide.

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