Wednesday Evening Business Brief
June 11, 2014, 4:52 PM
- The stock market is closing lower after the World Bank scaled back its outlook for global growth this year from 3.2 percent to 2.8 percent. The S&P 500 index fell seven points to close at 1,943. The Dow Jones industrial average sank 102 points to 16,843. The Nasdaq fell six points to 4,331. But the stock market remains near all-time highs after a slow and steady climb since April.
- The price of oil is finishing with a slight gain today. U.S. supplies declined more than expected, but a reduction in the World Bank's estimate of global economic growth raised concerns about demand. Benchmark U.S. crude for July delivery rose 5 cents to $104.40 a barrel in New York. Meanwhile, the average price for a gallon of gasoline is $3.64.
- A Supreme Court justice says a former board member at both Goldman Sachs and Procter & Gamble must report to prison as scheduled next week for his conviction on insider trading charges. Justice Ruth Bader Ginsburg denied a request from Rajat Gupta to delay reporting. Gupta's lawyers had requested the delay, citing unique appeal issues.
- Federal safety regulators are investigating whether 1.1 million vehicles from five automakers have air bags that could hurt people in a crash. The National Highway Traffic Safety Administration says it has six reports of air bags rupturing. Vehicles from the 2002 through 2006 model years made by Honda, Nissan, Mazda, Chrysler and Toyota are being investigated.
- H.F. "Gerry" Lenfest is now the sole owner of The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com. An $88 million deal to take over the papers has been completed after a bitter court fight and the sudden death of Lenfest's business partner, Lewis Katz, in a plane crash. Lewis Katz's son decided Monday to sell his $16 million stake to Lenfest.
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