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Wednesday Morning Business Brief

July 23, 2014, 6:00 AM

Wednesday Morning Business Brief

A series of better-than-expected quarterly earnings reports helped push the stock market higher yesterday. Investors also were heartened by government reports showing little sign of inflation. The Dow Jones industrial average rose nearly 62 poiints and the Nasdaq composite advanced 31.31 points. Futures point to modest opening gains.

  • International stock markets mostly rose today as investors turned their focus to solid U.S. earnings and home sales as tensions appeared to ease between Russia and West over the crash of a civilian airliner in Ukraine. Benchmark crude oil fell but remain above $102 a barrel. The dollar sluipped against the euro and the yen.
  • Quarterly earnings reports are due today from Facebook Inc.,AT&T, PepisCo Inc., and Delta Air Lines Inc., among others. In Congress, hearings will be held on the Environmental Protection Agency's proposed carbon pollution standards for power plants, domestic aviation manufacturing and legislation focusing on consumer protections and safety for cruise ship passengers.
  • Regulators are expected to vote today to end a longtime staple of the investment industry - the fixed $1 share price for money-market mutual funds - at least for some money funds used by big investors. The idea is to minimize the risk of a mass withdrawal from the funds during a financial panic. The Securities and Exchange Commission may also vote to let money funds block withdrawals during periods of stress or impose new fees for withdrawals. Individual investors likely won't be affected.
  • A law enforcement official and online marketplace StubHub say cyber thieves got into more than 1,000 customers' accounts and fraudulently bought tickets for events. The official told The Associated Press that arrests are expected in a case that sprawls across international borders. The official wasn't authorized to discuss the case ahead of arrests being announced and spoke on the condition of anonymity.

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