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Wednesday Evening Business Brief

March 5, 2014, 7:01 PM

Wednesday Evening Business Brief

NEW YORK (AP) - Stocks have wound up pretty much where they started today after a report of modest hiring gains at U.S. businesses failed to excite investors. The S&P 500 closed down a fraction of a point at 1,873. The index closed at an all-time high yesterday as tensions eased in Ukraine. The Dow lost nearly 36 points to 16,360. The Nasdaq edged up six points to 4,357.

  • The price of oil is down nearly 2 percent as concerns over the crisis in Ukraine ease and U.S. supplies rose for a seventh straight week.  Benchmark crude for April delivery dropped $1.88, or 1.8 percent today, to close at $101.45 a barrel in New York. At the gas pump, Triple-A says drivers are paying an average of $3.46 for a gallon. That's up 18 cents from a month ago.
     
  • The New York state Department of Transportation is fining CSX Railroad $10,000 for failing to report two oil train derailments within an hour of when they happened as required by state law. The derailments occurred Feb. 25 and Feb. 28. CSX says the derailments were "appropriately handled." Oil trains have come under close scrutiny after a series of accidents involving highly volatile North Dakota crude.
     
  • Virgin America wants two gates at Dallas Love Field that American Airlines is giving up. Today's announcement pits Virgin against bigger rivals Southwest and Delta. Virgin, part-owned by Richard Branson's Virgin Group, says it can increase low-fare competition at Love Field. American agreed to give up the gates to settle a government lawsuit against its merger with US Airways.
     
  • ABC says it will air figure-skating specials with Sochi Olympic gold medalists Meryl Davis and Charlie White among the performers. The network says veteran Olympian Brian Boitano also will skate in the series of four specials hosted by Kristi Yamaguchi and Michael Weiss. Two of the programs will air in fall 2014, with the second set to air in early 2015.

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