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Wednesday Morning Business Brief

July 2, 2014, 5:56 AM

Wednesday Morning Business Brief

Wall Street is starting the day on a high note today, following yesterday's all-time high. The Dow Jones industrial average climbed within two points of 17,000 for the first time. The Dow gained 129.47 points, or 0.8 percent, to 16,956.07. The S&P 500 rose 13.09 points, or 0.7 percent, to 1,973.32. And the Nasdaq composite rose 50.47, or 1.1 percent, to 4,458.65. Futures point to gains at this morning's opening.

  • International stock markets are mostly higher today on improved U.S. and Chinese economic activity. Benchmark U.S. crude oil rose to just under $105.50. The dollar fell against the yen and gained against the euro.
  • Xi Jinping's first visit to the Korean Peninsula as China's president is to Seoul, not Pyongyang, meaning that North Korea's best friend has snubbed it for its most bitter rival -- and it hasn't gone unnoticed. The north has unleashed a flurry of rocket and missile tests, including one today. The meeting tomorrow highlights Beijing's interest in nurturing booming economic ties with Seoul, while sending Pyongyang a message about its destabilizing pursuit of nuclear weapons.
  • T-Mobile US says federal regulators have their facts wrong over allegations of cramming -- the practice of charging customers for premium services, like horoscope texts and quirky ringtones that customers never authorized. The Federal Trade Commission says it's suing the carrier, accusing T-Mobile of working with the third party vendors.
  • Two major Las Vegas resorts will be completely overhauled and rebranded in another sign that the entertainment capital is emerging from its recession doldrums. Caesars Entertainment announced Tuesday that it's investing $223 million to overhaul The Quad, an aging 2,256-room hotel on the Las Vegas Strip. In a separate announcement, timeshare company Westgate Resorts said it had purchased the LVH, a hard-hit property that was formerly known as the Las Vegas Hilton.

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