UNDATED (AP) — Stocks are hovering in record territory amid questions about the resiliency of the U.S. economy and unrest in Iraq and elsewhere. Stocks inched past more milestones yesterday, delivering the third straight record-high close for the S&P 500 and a new high for the Dow. The S&P rose three points to 1,962. The Dow added 26 to 16,947. The Nasdaq gained nine to 4,368.
UNDATED (AP) — Uncertainty over the outcome of the battle for control of Iraq’s biggest refinery is keeping oil prices higher. The price of crude rose yesterday and ended the week with a slight gain. Benchmark crude for August delivery rose 83 cents to $107.26 per barrel in New York. It closed up 35 cents for the week. Brent crude slipped 25 cents in London yesterday to $114.81 a barrel.
WASHINGTON (AP) — Federal regulators are approving a new antibiotic from Cubist Pharmaceuticals to treat serious skin infections often acquired in the hospital. The Food and Drug Administration has cleared the company’s Sivextro in both pill form and as an infusible solution for adults with skin infections caused by common bacteria that are often resistant to older antibiotics.
NEW YORK (AP) — A New York judge is ordering a U.S. House panel to appear before him next month to explain why it shouldn’t be required to turn over documents in an insider-trading probe. The judge set a July 1 hearing for the Ways and Means Committee to appear. He also requires a senior committee staffer to appear.
NEW YORK (AP) — Regulators are closing a lender in Illinois and one in Florida. That brings the number of bank failures this year to 11 after 24 closures in all of 2013. The Federal Deposit Insurance Corp. has taken over Valley Bank in Moline, Illinois and another Valley Bank, this one based in Fort Lauderdale, Florida. The two failures are expected to cost the insurance fund $59 million.
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