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Wednesday Evening Business Brief

May 14, 2014, 6:46 PM

Wednesday Evening Business Brief

NEW YORK (AP) - Stocks fell back from record levels today as investors decided it was better to play it safe. A day after the Standard & Poor's 500 index climbed above 1,900 for the first time, investors turned their backs on stocks that would benefit more than others in a reviving economy. Consumer discretionary stocks, a group that includes luxury retailers and entertainment companies, dropped the most. Industrial and technology companies also fell, and riskier, small-company stocks resumed a sell-off after rebounding on Monday.

  • The Standard & Poor's 500 index fell 8.92 points, or 0.5 percent, to 1,888.53. The Dow Jones industrial average dropped 101.47 points, or 0.6 percent, to 16,613. The Nasdaq composite fell 29.54 points, or 0.7 percent, to 4,100.63.
     
  • The price of U.S. oil climbed above $102 a barrel on signs of increased demand for gasoline just ahead of the summer driving season. Benchmark U.S. crude for June delivery added 67 cents to $102.37 a barrel on the New York Mercantile Exchange.
     
  • Some of the nation's largest retailers are banding together in hopes of protecting consumers' personal and financial information from hackers and thieves. The Retail Industry Leaders Association, along with several top retailers ranging from Gap Inc. to Walgreen Co., today launched an intelligence sharing center focused on the prevention of cybercrimes against retailers. According to RILA, the center will allow retailers to share information about data breaches and potential threats and also inform members of law enforcement and industry analysts.
     
  • A legal battle over pet food ingredients has escalated with a new federal lawsuit against the United States' largest pet food maker. The Blue Buffalo Company sued Nestle Purina PetCare Company today in U.S. District Court in St. Louis, where Purina is based. The suit comes barely one week after Nestle Purina lodged its own complaint over ingredients in the same court. Purina accuses its competitor of false advertising, disparagement and unjust enrichment. The counterclaim accuses Purina of some of the same deceits, as well as defamation.

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