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Stock market makes big gains...Oil prices rise... Sony cancels release of "The Interview"

By The Associated Press | Posted - Dec. 17, 2014 at 3:31 p.m.



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NEW YORK (AP) — The stock market is closing with its biggest gain in more than a year after the Federal Reserve said it was in no rush to raise rates. The Standard & Poor's 500 gained 40 points, or 2 percent, to 2,012, the largest increase since October 2013. The Dow Jones industrial average rose 288 points, or 1.7 percent, to 17,356. The Nasdaq climbed 96 points, or 2.1 percent, to 4,644.

NEW YORK (AP) — The price of U.S. oil is up today. It rose after the Energy Department reported a decline in inventories. That's a turnaround from yesterday's report of increased inventories from the American Petroleum Institute. Benchmark U.S. crude climbed 54 cents to close at $56.47 a barrel in New York. Brent crude for February delivery rose $1.17 to close at $61.18 a barrel in London.

NEW YORK (AP) — Sony Pictures is canceling the Dec. 25 release of "The Interview" after hackers threatened terrorists attacks and the largest multiplex chains in North America pulled the film. In a statement, Sony says it's cancelling "The Interview" ''in light of the decision by the majority of our exhibitors not to show the film." The studio says it respects and shares the exhibitors' concerns.

NEW YORK (AP) — The gap between the wealthiest households and middle- and low- income earners is the widest it's been since the government began collecting data 30 years ago. That's according to Pew Research Center, which says the median wealth of upper-income families was $639,400 in 2013. Middle-income households were worth $96,500. Low-income families were worth $9,300.

WINSTON-SALEM, N.C. (AP) — Krispy Kreme Doughnuts' executive chairman is leaving his position after seven months. The company says that Jim Morgan will become an unpaid, non-executive chairman. The change will take effect on Jan. 29, 2015. The 67-year-old Morgan has served as chairman of the board since 2005.

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The Associated Press

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