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Tuesday Morning Business Brief

July 10, 2012, 5:51 AM

Tuesday Morning Business Brief

Stocks staged a fade as trading began for the week on Monday. The Dow lost 36 points, or 0.3 percent, to 12,736. The S&P dropped 2 points, while the Nasdaq declined nearly 6 points.

  • Investors are getting a chance to react to the first major earnings report of the reporting season. Alcoa reported a loss of $2 million in the second quarter. Adjusted earnings topped forecasts by a penny a share.
  • Asian stocks and oil prices are down after China reported growth in its trade slowed last month amid weakening global demand.  The growth rate for imports fell in June by half from the previous month's level to 6.3 percent. Exports grew 11.3 percent, down from May's 15.3 percent. Oil prices dropped to below $85 a barrel.
  • Eurozone finance ministers have come up with the terms of a bailout for Spain's troubled banks, saying that almost $37 billion can be ready by end of this month. They'll need approval of their governments before returning to Brussels on July 20 to finalize the agreement.
  • A regulatory group says it can't account for $220 million in customer funds at the Peregrine Financial Group. It has ordered accounts to be frozen at the Iowa-based brokerage. PFG says its founder and chairman tried to commit suicide yesterday.

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