NEW YORK (AP) — The S&P 500 index is closing at a record after a surge in dividend-rich utility stocks. The stock market also got a lift from a cease-fire agreement between Ukraine and Russian-backed separatists. The S&P 500 climbed 10 points to close at 2,007. The Nasdaq rose 20 1/2 points to 4,582. The Dow Jones industrial average gained 68 points, to 17,137.
NEW YORK (AP) — The price of oil is dropping. It fell further today after slumping Thursday, when a report showed that U.S. crude supplies fell less than expected. Today’s decline reflects the cease-fire between Ukraine and pro-Russian separatists which has removed some of the so-called fear premium. Benchmark crude oil closed down $1.16, or 1.2 percent, to $93.29 a barrel in New York.
SAN FRANCISCO (AP) — China’s Alibaba Group is seeking to raise up to $24.3 billion in its upcoming IPO, an amount that would be the most ever raised by a company heading into its stock market debut. The e-commerce company is hoping to sell up to 368 million shares for $60 to $66 apiece. Alibaba Group set the price target in a regulatory filing late today.
RENO, Nev. (AP) — Nevada Assembly Speaker Marilyn Kirkpatrick says it’s too early to say if a huge package of tax breaks and incentives needed to land Tesla Motors lithium battery factory will have smooth sailing at a special legislative session next week. The Democrat says lawmakers need to scrutinize details of the legislation before voting on the incentives that could total $1.3 billion over 20 years.
NEW YORK (AP) — Four tech companies including Apple and Google are appealing a judge’s rejection of a $324.5 million settlement for a class-action lawsuit brought by more than 60,000 high-tech workers. The lawsuit alleged that Google and Apple conspired with the other technology companies to block some of their employees from getting better job offers.
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