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Friday Evening Business Brief

September 28, 2012, 5:41 PM

Friday Evening Business Brief
  • It was a down day on Wall Street. Concerns about Spain's banks and a report showing that high gas prices accounted for most of last month's rise in consumer spending both weighed on stocks. The Dow finished the day off 49 points, closing at 13,437. The S&P 500 fell 6 points to 1,441, while the Nasdaq dropped 20 to 3,116. Still, the day's losses weren't enough offset otherwise solid gains for the third quarter, which ended today.
  • The Food and Drug Administration is warning consumers that the vast majority of Internet pharmacies are frauds and likely selling counterfeit drugs. The agency is launching a campaign to alert the public to the danger as data shows more people are shopping for their medicine online. FDA Commissioner Dr. Margaret Hamburg says the agency isn't trying to "scare people away from online pharmacies" just make sure they are using the right ones.
  • There's word today that U.S. banks have been suffering cyber-attacks for more than week. Who is behind it remains unknown. An expert with Web security company Akamai says the attacks overwhelmed the banks' websites with unusually high amounts of traffic.
  • President Barack Obama is revoking a Chinese company's purchase of four wind farm projects in the vicinity of a U.S. naval facility's restricted airspace. The president has ordered Ralls Corporation, a company owned by Chinese nationals, to divest its interest in the wind farms it purchased earlier this year in Oregon. The administration cites unspecified national security risks as the reason for blocking the transaction.
  • Cell phones equipped with Google's Android operating system may have a flaw that could leave them at risk of being disabled or wiped clean of data. A security researcher at Germany's Technical University Berlin says opening a link to a web site or application embedded with malicious code can trigger an attack capable of destroying the memory card in Android-equipped handsets made by Samsung, HTC, Motorola and Sony Ericsson. He says Google has issued a fix, but it hasn't been publicized and many users may not be aware of the risk.

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