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Monday Evening Business Brief

July 2, 2012, 7:10 PM

Monday Evening Business Brief

U.S. stocks finished mixed, despite a discouraging report on U.S. manufacturing. The Dow ended the session down nine points to 12,871. The S&P was ahead 3 points to 1,366, while the Nasdaq gained 16 points to 2,951.

  • A closely followed report from a purchasing managers' trade group indicates that manufacturing contracted in June for the first time in nearly three years.  The Institute for Supply Management index dipped to below 50, below the level indicating growth.
  • The Justice Department says GlaxoSmithKline will pay $3 billion and plead guilty to promoting two popular drugs for unapproved uses and to failing to disclose important safety information on a third. It calls it the largest health care fraud settlement in U.S. History.
  • Privacy concerns are growing as the use of drone aircraft also rises. A trade group for drone aircraft manufacturers and operators is releasing the industry's first "code of conduct," as they find more uses in civilian aviation.
  • Former NBC president Julian Goodman, who helped establish Chet Huntley and David Brinkley as a well-known news team and led the network from 1966 to 1974, has died. He was 90.

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