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Friday Evening Business Brief

June 15, 2012, 6:27 PM

Friday Evening Business Brief

Stocks finished the week with a flourish. With a gain of 115 points, or 0.9 percent, to 12,767, the index is at its highest level in a month. The S&P added nearly 14 points, while the Nasdaq closed up 36 points.

  • The Labor Department says unemployment rates rose in 18 U.S. states in May. Increasing unemployment in more than a third of U.S. states is the latest evidence of a weaker job market. Jobless rates fell in 14 states and were unchanged in 18.
  • Depending on the outcome of Sunday's election, Greece could be forced out of the European joint currency, with potentially dangerous consequences for the global economy. Greeks cast their ballots Sunday for the second time in six weeks, after May 6 elections left no party with enough seats in Parliament to form a government and coalition talks collapsed.
  • Benchmark U.S. oil edged up 12 cents to end at $84.03 a barrel. Brent crude, which is used to make gasoline in much of the U.S., rose 44 cents to $97.61.
  • Former Goldman Sachs board member Rajat Gupta has been convicted of three counts of securities fraud and one count of conspiracy for sharing corporate secrets with a hedge fund manager. With the verdict, Gupta became the most prominent defendant convicted so far in a wide-ranging Wall Street inquiry conducted by investigators armed with wiretaps.

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