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Wednesday Evening Business Brief

April 30, 2014, 5:20 PM

Wednesday Evening Business Brief

NEW YORK (AP) - The Dow Jones industrial average is closing at an all-time high. A gain of 45 points today left the Dow at 16,580, four points above the record high it set on Dec. 31. The Dow hadn't been in the black for 2014 until today. The S&P 500 increased nearly six points to 1,883. The index is seven points below the record high set April 2. The Nasdaq rose 11 points, to 4,114.

  • The price of oil is below $100 a barrel for the first time in three weeks as reports showed U.S. economic growth stalled in the first quarter and oil supplies in the U.S. rose to record levels last week. Benchmark U.S. crude oil for June delivery dropped $1.54, or 1.5 percent, to close at $99.74 a barrel on the New York Mercantile Exchange.
     
  • Motorists are receiving some welcome news from Triple-A. In its monthly forecast, the auto club says the average price of $3.69 a gallon for gas "likely is at or very near its peak for this spring." Triple-A expects prices to decline heading toward Memorial Day as gasoline production outpaces demand. The price isn't expected to top last year's peak of $3.79 a gallon.
     
  • The International Monetary Fund board has approved a two-year, $17 billion loan package for Ukraine. The IMF announced the assistance today following a board meeting at the fund's Washington headquarters. The IMF assistance is hinged on economic reforms in Ukraine. They include raising taxes, freezing the minimum wage and raising energy prices.
     
  • Aeropostale says it will cut jobs and close stores as part of the clothing retailer's efforts to turn its business around. The company says it will close 125 of its mall-based "P.S. from Aeropostale" stores by the end of its current fiscal year. In addition to the job cuts associated with the kids' clothing store closures, Aeropostale plans to eliminate about 100 corporate jobs.

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