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Wednesday Evening Business Brief

May 21, 2014, 7:04 PM

Wednesday Evening Business Brief

Stocks are recouping their losses from the day before as investors look through the latest corporate earnings news. The market held steady today after the Federal Reserve released minutes from its latest policy meeting. The S&P 500 gained 15 points to close at 1,888. The Dow Jones industrials climbed nearly 159 points to 16,533. The Nasdaq rose nearly 35 points to 4,131.

  • The price of oil is up after a report showed a large drop in U.S. crude supplies, helped by a decline in imports. The price reached a one-month high today. Benchmark U.S. crude for July delivery gained $1.74 to close at $104.07 a barrel in New York. Meanwhile, the average price for a gallon of regular gasoline held steady at $3.64. That's 3 cents lower than a month ago.
     
  • A congressional aide says General Motors CEO Mary Barra is telling lawmakers that GM could simultaneously release an internal investigation into a deadly ignition switch problem and its plan to compensate victims. The aide says the probe and the compensation plan could be done in a few weeks. Meetings between Berra and lawmakers were held today in Washington.
     
  • The United Nations is slightly lowering its forecasts for global economic growth in 2014 and 2015. The new forecasts predict economic growth of 2.8 percent in 2014 and 3.2 percent in 2015, down from forecasts in December of 3 percent growth this year and 3.3 percent next year.
     
  • San Diego International Airport will post an animal rights ad urging tourists to avoid SeaWorld. The ACLU says airport regulators agreed to settle a lawsuit by permitting the ad to be posted for a month in a terminal. The animal rights group, People for the Ethical Treatment of Animals, opposes the San Diego park's use of captive killer whales.

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