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Thursday Morning Business Brief

July 26, 2012, 5:38 AM

Thursday Morning Business Brief

Stocks finished mixed in the latest session. The Dow gained 59 points, or 0.5 percent, to 12,676. The S&P lost a fraction, while the Nasdaq fell nearly 9 points.

  • Asian stock markets rose Thursday amid hopes Europe will give its bailout fund more financial firepower but gains were tempered as South Korea reported its economic growth slowed to a two-year low.
  • Oil prices fell Thursday in Asia after U.S. crude inventories swelled and a slowdown in South Korea's economy underlined that growth in demand for fuel could remain subdued. Benchmark crude for September delivery was down 48 cents at $88.49 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added 47 cents to settle at $88.97 in New York on Wednesday.
  • On today's economic calendar, the Labor Department releases weekly jobless claims, while the Commerce Department has durable goods orders for June. The National Association of Realtors has pending home sales for June.  Also, Treasury Secretary Timothy Geithner testifies before the Senate Banking Committee.
  • Facebook is due to post its first earnings report today since becoming a public company.  Analysts expect the social network to have earned 2 cents per share on revenue of $1.2 billion. Filings indicate that it earned $1 billion for all of last year on revenue of $3.7 billion.

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