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Tuesday Evening Business Brief

May 15, 2012, 6:15 PM

Tuesday Evening Business Brief

Stocks stumbled again today. The Dow was down 63 points, or 0.5 percent, to 12,632. The S&P slipped nearly 8 points to 1,331. The Nasdaq shed nearly 9 points to 2,894.

  • JPMorgan Chase CEO Jamie Dimon today offered a quick but blunt apology to shareholders for a $2 billion trading loss which he said "should never have happened". He prevailed in a vote by shareholders who were asked whether he should be stripped of his chairman's title.
  • Power-sharing talks collapsed in Greece today, triggering new elections that could determine whether the country retains its cherished position in Europe's currency. Nine days of fruitless talks to build a coalition government have led to increased doubts whether Greece can make the reforms needed to prevent the world's largest currency union from fracturing.
  • The price of oil dropped to a six-month low. Benchmark West Texas Intermediate crude fell 80 cents to settle at $93.98 per barrel in New York. Oil hasn't finished this low since Dec. 19.
  • Shares of Avon Products dropped almost 11 percent. This, after smaller beauty products maker Coty dropped its $10.7 billion takeover bid.  At current prices, Avon is worth less than before Coty made its original offer.

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