Wednesday Evening Business Brief
August 27, 2014, 5:17 PM
- Stocks are ending the day essentially flat. The S&P 500 eked out a gain of one-tenth of a point, enough to set another all-time high. The index closed at 2,000. The Dow Jones industrial average rose 15 points to 17,122. The Nasdaq composite lost a point to 4,569. The price of oil rose today. Benchmark U.S. crude edge up 2 cents to $93.88 a barrel in New York.
- Alibaba's quarterly revenue growth is surging again, a development that should help the Chinese e-commerce company sell its shares next month in what could become the technology industry's most lucrative IPO. In a regulatory update, Alibaba says it posted revenue of $2.54 billion in its fiscal first quarter ending June 30, a 46 percent increase from last year.
- The FBI is investigating a hacking attack on JPMorgan Chase and at least one other bank. That's according to a report on Bloomberg. com which says the FBI is investigating an incident in which Russian hackers may have retaliated against U.S. government-sponsored sanctions against the country. The attack, Bloomberg says, led to the loss of sensitive data.
- A federal judge is rejecting Apple's attempt to block the sale of several older Samsung smartphones that copied features in the iPhone. Earlier, a jury awarded Apple $119 million in damages for Samsung's infringements on technology used in the iPhone. The judge says Apple hadn't adequately proven that Samsung's intellectual theft had hurt its sales or diminished its reputation for innovation.
- South Korea's Kia Motors says it will invest more than $1 billion to build a car factory in northern Mexico that is expected to begin production in 2016. The company says the new plant in Nuevo Leon state, across the border from Texas, will have the capacity to make 300,000 cars a year. Several other car companies plan to expand or build new factories in Mexico.
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