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Thursday Evening Business Brief

July 12, 2012, 5:20 PM

Thursday Evening Business Brief

Stocks have been lower for six straight trading days. The Dow today lost 31 points, or 0.3 percent, to finish at 12,573. The S&P dropped 7 to 1,335. The Nasdaq declined 22 points to 2,866.

  • The Treasury Department says the federal budget deficit grew by nearly $60 billion in June. It remains on track to top $1 trillion for a fourth straight year.
  • Word that the uniforms for U.S. Olympic athletes are made in China has some members of Congress seeing red. Senate Majority Leader Harry Reid says the uniforms should be burned.
  • Retailer Nordstrom has teamed up with Arcadia Group to launch shops under the British company's Topshop and Topman brands in 14 of its 117 full-scale department store locations.  Nordstrom will become the largest U.S. retailer to sell a broad assortment of the U.K. brands' fast-fashions in its stores and online.
  • Canada's Supreme Court has ruled that songwriters and music publishers are not entitled to royalties for song and video game downloads. It also says that artists should be compensated when music is streamed online.

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