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Friday Afternoon Business Brief

July 6, 2012, 1:25 PM

Friday Afternoon Business Brief

Amid new evidence of waning momentum for the U.S. economy, stocks are in retreat. The Dow has lost more than 150 points, or 1.3 percent.

  • It is new fodder for the political debate. The Labor Department says the nation's employers added only 80,000 jobs in June. The weak pace of hiring left the unemployment rate unchanged at 8.2 percent.
  • Greece's Prime Minister says his new three-party coalition government is ready to carry out a broad series of structural reforms. Greece has been lagging in reforms demanded by its international creditors in return for billions of euros (dollars) in rescue loans.
  • A person familiar with a patent dispute between Facebook and Yahoo says the two companies have reached a deal that settles lawsuits against each other. According to the source, no money changed hands in the deal. Yahoo sued Facebook in March, saying the online social networking company infringed on its patents covering advertising, privacy controls and social networks.
  • Europe's financial problems are pushing the euro down to a two-year low against the dollar. The U.S. dollar and the Japanese yen are the two big winners as investors search for safety. Borrowing costs for Spain and Italy rose sharply, reflecting investors' unease about the finances of those countries.

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