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Wednesday Evening Business Brief

July 23, 2014, 6:57 PM

Wednesday Evening Business Brief

NEW YORK (AP) - Stocks have come to a mixed finish on Wall Street, as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies. Apple and Microsoft both reported results that beat forecasts. The S&P 500 rose 3.48 points to close at 1,987, a new closing high. The Nasdaq composite rose 17.68 points to end at 4,473.70. However, Boeing dragged the Dow lower, finishing down nearly 27 points at 17,086.63.

  • AT&T has posted lower net income for the latest quarter due to cheaper cellphone plans it introduced as a response to aggressive pricing from smaller competitor T-Mobile US. AT&T says it earned $3.55 billion, or 68 cents per share. Excluding some one-time items, AT&T's earnings were 62 cents per share, a penny shy of expectations. Revenue, however, was $32.58 billion, slightly above expectations.
     
  • General Motors is issuing six more recalls covering a total of almost 718,000 vehicles in the U.S. The latest recalls bring the total for GM so far this year to 60, affecting a record 29.7 million cars and trucks. The biggest recall announced today is for just over 414,000 cars and small SUVs for faulty seats. Other problems include incomplete welds on seat brackets, turn signal failures, power steering failures, loose suspension bolts and faulty roof rack bolts.
     
  • An internal Social Security Administration reports finds that, six years into an effort to replace outdated computer systems, the new system is nowhere near ready and agency officials are struggling to salvage it. After spending nearly $300 million, the project is still in the testing phase, and the Social Security Administration can't say when it will be completed or what the final cost will be. In the meantime, people filing for disability claims continue to face long delays.
     
  • Donald Trump says his new hotel in the nation's capital will be among the finest in the world. He hopes the $200 million transformation of the Old Post Office building near the White House into a Trump International Hotel will be complete by late 2016. Trump joined federal and local leaders for a ceremonial groundbreaking at the 115-year-old building this morning.

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