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Wednesday Evening Business Brief

April 2, 2014, 7:00 PM

Wednesday Evening Business Brief

NEW YORK (AP) - Stocks are edging further into record territory as encouraging news on hiring and manufacturing brings more buyers into the market. The Dow Jones industrial average gained 40 points today to close at 16,573, just three points below its all-time high. The S&P 500 increased five points to 1,890. The Nasdaq composite rose 8 ½ points to 4,276.

  • The price of oil is down slightly, despite an unexpected decline in the nation's supplies. Benchmark U.S. crude for May delivery slipped 12 cents to close at $99.62 a barrel on the New York Mercantile Exchange. Meanwhile, the average price for a gallon of gasoline stayed at $3.56.That's up 10 cents from a month ago, but still 8 cents lower than at this time last year.
  • Medicare says it's preparing to release billing data for more than 880,000 doctors. The files contain data on every test and procedure billed for in 2012 by doctors in all 50 states. Doctors will be identified by name. But individual patient information will remain off limits. Consumer groups and others have long sought access to the data to help track quality.
  • Tesla Motors is filing notice it intends to go to court to appeal New Jersey's ruling that would stop it from selling its vehicles in the state within two weeks. The electric-car company says it was unfairly targeted last month when the state Motor Vehicle Commission amended its regulations to require new-car dealers to have franchise agreements before they can be licensed. That prohibits companies from using direct-sales models as Tesla does.
  • Ford Motor Co. says its Russian joint venture, Ford Sollers, is cutting 950 jobs due to falling sales and the declining value of the ruble. The automaker says it still expects Russia to become Europe's largest auto market in the long run. But weaker demand for compact cars and the impact of the falling ruble against other currencies have hindered its business.

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