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Monday Morning Business Brief

October 8, 2012, 5:32 AM

Monday Morning Business Brief

The Dow is sitting at its highest close since December 2007, ahead of this morning's opening bell on Wall Street. Both the Dow and S&P had their first positive weeks after two weeks of losses, both up more than 1 percent.

  • Bond markets are closed today for Columbus Day. But Wall Street will be open for business. With economic reports in short supply this week, some of the focus shifts to earnings season. Alcoa is to release quarterly numbers on Tuesday, the first of the Dow 30 members to report.
  • World stocks are down as Europe's debt crisis continued to roil markets and the World Bank cut its growth forecasts for Asia. European stocks fell in early trading, as did Asian markets. Britain's FTSE 100 nudged up slightly. Markets in Japan are closed for a public holiday.
  • Oil prices are down in Asia on multiple signs that the global economy continues to struggle. Benchmark crude for November delivery tumbled 1.7 percent to $88.37 per barrel by late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
  • The World Bank is cutting its growth forecast for Asia. This year's growth outlook for developing Asia-Pacific economies was cut to 7.2 percent, down from its May forecast of 7.6 percent. Its forecast for China was cut to 7.7 percent from 8.2 percent. The bank warned China's cooling economy faces the risk of a "more pronounced slowdown."

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