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Last Updated at 22 Jul 2014, 15:58 ET *Chart shows local time Dow Jones intraday chart
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Intel Corp.

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(Close): Shares in cosmetics firm Elizabeth Arden sank 3.1% after the company said it is selling its weakest businesses and brands.

The firm is also cutting jobs and and is closing its Puerto Rico business and expects a one-off charge of up to $95m.

Walgreen shares dropped 1.7% after the pharmacy chain reported profits that missed analysts expectations.

Walgreen also said it is considering shifting its tax base overseas, by merging with Alliance Boots.

The company bought a 45% stake in Alliance Boots in 2012 and has an option to buy the rest of the company.

Several US firms have used mergers to move their tax base to countries with lower corporate tax rates.

Housing data

In economic news, new home sales jumped to a six-year high in May.

The Commerce Department said sales surged 18.6% to 504,000 units - the highest level since May 2008.

But a separate report showed that the growth in house prices is slowing.

The Case-Shiller 20-city home price index rose 10.8% in April from a year earlier, down from the 12.4% reading for March.

David Blitzer, chairman of committee which prepares the index said: "Near-term economic factors favour further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015 and the labour market is improving."

Trader New York Stock Exchange

Overall the Dow Jones Industrial Average fell 119.13 points, or 0.7%, to 16,818.13.

The S&P 500 index lost 12.63 points, or 0.6%, to 1,949.98.

And the Nasdaq fell 18.32, or 0.4%, to 4,350.36.

More Business stories

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BBC Business Live

  1.  
    BANK OF ENGLAND 10:11:

    Essentially, Bank policymakers think it is possible retired people are working for longer or there has been a sudden increase in the number of lower-skilled and longer-term unemployed people finding work. The minutes show policymakers were "unclear what the reason for such a shift could be" adding that if it persisted, wage growth could remain lower for longer than they had assumed.

     
  2.  
    BANK OF ENGLAND 09:56:

    The second explanation for lower wage growth is far more complex and suggests the "supply of labour [has] increased". In other words, wage rises are being kept depressed because there are more people willing to do the jobs that are available and willing to accept lower wages to do those jobs, work longer hours for the same pay, or avoid retirement. Policymakers see several explanations for this including concerns about the adequacy of pensions, changes to benefits or weakness of current levels of income.

     
  3.  
    BANK OF ENGLAND 09:49:

    On average wages - which appear to be one of the bank's biggest concerns at the moment - policymakers discussed two potential explanations for low growth. The first was the lag between any tightening in the labour market and an increase in wages was longer than the Bank first thought. So, that being the case, it is only a matter of time before increasing employment over the past year eventually feeds into higher wages. That's the easy, do nothing, wait and see, explanation.

     
  4.  
    BANK OF ENGLAND 09:35: Breaking News

    Bank of England policymakers discussed whether there was a case to raise interest rates but once again voted unanimously to hold them at 0.5% in July. They remain concerned about low wage growth, it seems. And they also still fear choking off the economic recovery, according to the minutes which have just been released.

     
  5.  
    CENTRICA CEO 09:24:

    Iain Conn, the group managing director for refining and marketing at BP, is on a shortlist of one to replace Sam Laidlaw, the present chief executive of Centrica, reports BBC Business Editor Kamal Ahmed. Mr Conn's confirmation in the role could come as soon as next week.

     
  6.  
    BANK OF ENGLAND 09:10:
    the Bank of England

    Bank of England policymaker Paul Fisher, who has just stood down after five years on the Monetary Policy Committee, has given an interview to the Independent, in which he claims the Bank delivered the economic recovery. Mr Fisher defends the decision to slash interest rates to 0.5% and launch quantitative easing. He also pays tribute to the "tremendous" efforts of Bank of England staff "who really did pull all the stops out to try to turn the economy round". The minutes of July's MPC meeting are out at 09:30 and will be pawed over for clues as to the timing of a possible interest rate rise.

     
  7.  
    MARKET UPDATE 08:54:

    Europe's main stock markets are flat today without a clear sense of direction as investors digest the continuing conflicts in Gaza and Ukraine and their potential impact. The biggest rise on the FTSE 100 is Capita - up 1.13%, or 13p, to 1,168p - following its trading update this morning.

    • The FTSE 100 is 0.15% higher at 6805.50
    • Germany's Dax is higher by 0.41% at 9773.77
    • France's Cac-40 is up 0.14% at 4375.73
     
  8.  
    COMMONWEALTH BUSINESS 08:40:
    A swimmer practices using a snorkel during a training session at the Tollcross International Swimming Centre

    The Queen attends the opening ceremony of the Commonwealth Games in Glasgow tonight. But before all that there is the Commonwealth Business Conference. The event will focus on issues and opportunities common to all Commonwealth countries, including employment and skills, infrastructure development, improving financial services for business and the development of the smart cities of the future.

     
  9.  
  10.  
    MARKET UPDATE 08:24:

    Japan's Nikkei stock average closed down 0.1% to 15,328.56 as the Tokyo markets kept their focus on tensions in Gaza and the Middle East. Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5% after earlier pushing to a three-year peak. It moved in tandem with the S&P 500, which hit a new high overnight as traders turned their attention to positive corporate earnings.

     
  11.  
    TOUR DE FRANCE Via Twitter James Baker Councillor

    The economic benefits of Yorkshire hosting the opening stages of the Tour de France a fortnight ago are being called into question by James Baker, a local councillor for Warley ward on Calderdale Council in West Yorkshire. He tweets: "Interesting getting some feedback that Tour de France weekend wasn't great for some local businesses and takings were down for some." That's slightly at odds with the £100m estimated economic benefit the county was expecting.

     
  12.  
    BHP BILLITON 07:54:
    Ore

    BHP Billiton posted record annual iron ore production in Western Australia for the fourteenth consecutive year, while Queensland coal production also hit an all-time high. Rival mining giant Rio Tinto last week said its iron ore production and shipments surged to record highs in the first-half of the year as it boosted output despite a recent fall in commodity prices.

     
  13.  
    PAYPAL LENDER 07:39: BBC Radio 4
    A general view of the home page of PayPal.

    Online payments firm Paypal is to begin offering loans to small businesses. The loans will be in the form of cash advances and will be repayable when those small businesses make sales, it has said. Rupert Keeley, chief executive of PayPal Europe has told Radio 4's Today programme the firm hasn't set interest rates for these loans yet, but claims "they are going to be very competitive indeed". He adds businesses can set how much and how quickly they repay the loans.

     
  14.  
    ISRAEL FLIGHTS 07:25:
    British Airways (BA) Airbus A380 comes in to land at Heathrow airport

    Indefatigable British Airways has said it will continue to fly into Ben Gurion international airport in Tel Aviv despite most airlines deciding to cancel flights into the Israeli capital. All US airlines and most European flights into Israel have been halted after a rocket fired from Gaza landed one mile away from the airport. US airlines were stopped by the Federal Aviation Authority from landing in Tel Aviv for 24 hours.

     
  15.  
    CAPITA EARNINGS 07:10:

    Capita says "underlying" profit before tax for the first six months of the year rose 16% to £238m. However, if you factor in things like acquisition costs and reductions in the value of its assets, it's a drop in profit to £152.3m from £157.5m. Still, dividend is up 10.3% to 9.6 p.

     
  16.  
    RUSSIAN SANCTIONS 06:51: BBC Radio 4
    Vladimir Putin

    More from Mr Grodzki on Russian sanctions: He says the Russian economy is very resilient to sanctions and Russia is virtually self-sufficient. It can sell its oil elsewhere in the world - it recently signed a deal with China - and he says France cancelling defence contracts may even boost the Russian economy and Russian jobs.

     
  17.  
    RUSSIAN SANCTIONS 06:41: BBC Radio 4

    Georg Grodzki has now popped up on the Today programme, again talking about sanctions against Russia. He says: "It's very difficult to impose sanctions on a country that needs healthy relations with the West less than the West needs healthy relations with it." He adds Russian can buys the goods they want to from elsewhere. They would prefer to buy goods from the West but if they can't, they will live with it, he says.

     
  18.  
    RUSSIAN BONDS 06:33: Radio 5 live

    Russia cancelled one of its weekly bond sales yesterday, its first in three months, citing "unfavourable market conditions." On 5 live we have Georg Grodzki, formerly of Legal & General, telling us why. Sometimes governments realise they don't need the money he says, but this time that isn't the case. Russia's borrowing costs, which are about 4.6% for five year bonds - already high - have only got worse in recent days, he says.

     
  19.  
    TAX 06:23: Radio 5 live

    "Everyone should pay taxes at a flat rate from the first dollar," says Arthur Laffer, a former adviser to Ronald Reagan on 5 live. People like to avoid tax, he says, and taxing everyone the same should help stop gaming the system, he says. Does that mean taxing the poor the same? Yes, he says. Do you reward tax dodgers then? "They pay the tax rather than doing the dodges," he says.

     
  20.  
    ROYAL MAIL 06:11: Radio 5 live

    James Bevan of CCLA Investment Management is back on 5 live talking this time about Royal Mail's performance. Their annual shareholder meeting is on Thursday and he wants to hear more about the French antitrust case they, TNT and FedEx are involved in. Royal Mail has received notice from French competition authorities over a possible breach of antitrust law by one of its subsidiaries, which could result in a fine for the recently privatised group.

     
  21.  
    TESCO SHARES 06:01: Radio 5 live

    Tesco shares were down yesterday, but when it was announced they were losing their chief executive, the shares rose. How come? James Bevan, chief investment officer at CCLA Investment Management is explaining what he thinks on 5 live. "When Philip Clarke was let go there was also a profit warning," he says. "For that to drive the share price up seemed absolutely mad."

     
  22.  
    06:00: Howard Mustoe Business reporter

    Hello! You can, as ever, get in touch with your views and experiences via email bizlivepage@bbc.co.uk and via twitter @BBCBusiness.

     
  23.  
    06:00: Matthew West Business Reporter

    Good morning everyone. We've had Microsoft second quarter earnings overnight - they were bad - as well as Apple - good- flights into Israel have been halted and there's a row over Russian sanctions to contend with. the morning is only just getting started.

     

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