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Tuesday Evening Business Brief

June 19, 2012, 6:33 PM

Tuesday Evening Business Brief

Stocks closed higher with the Dow rising to the highest level in a month, ahead of tomorrow's statement from the Federal Reserve. It gained 96 points, or 0.8 percent, to 12,837. The S&P added 13 points to 1,358. The Nasdaq rose 34 points to 2,930.

  • Meeting in Mexico, leaders of the world's largest economies will say they are united behind efforts to boost growth and job creation to repair a global economy roiled by fears over the European financial crisis. That's according to a draft of the statement to be released at the end of the Group of 20 annual meeting. The draft, which could still be modified, urges fiscal responsibility while looking to education, innovation and infrastructure investment to spur economies.
  • JPMorgan Chase CEO Jamie Dimon got a chillier reception as he returned to Capitol Hill for a second round of questions over the bank's $2 billion trading loss. House lawmakers from both parties pressed Dimon on a number of fronts. The Securities and Exchange Commission is examining whether JPMorgan's earnings report on April 13 gave adequate information on the risk model the bank was using.
  • Spotify is joining Pandora, Slacker and Songza in offering a free streaming radio service for mobile devices in the U.S. The free service, which comes with audio ads, is a way for Spotify to try to lure users to sign up for a paid subscription, which strips out the ads and enables users to choose songs.
  • Warren Buffett's Berkshire Hathaway holding company has scored a split decision, named the lead bidder for Residential Capital's loan portfolio in a bankruptcy court auction. But Berkshire lost to another firm in serving that role for ResCap's mortgage division.

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