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Business

Wednesday business briefs

Wells Fargo sells stock

to repay $25B bailout

Wells Fargo & Co. said Wednesday that it repaid the $25 billion in bailout funds it received from the Treasury Department under the Troubled Asset Relief Program. The repayment was made possible in part through Wells Fargo's recent public stock offering, which raised $12.25 billion. The bank sold 489.9 million shares of common stock at $25 per share. The offering was completed Friday.

Smithtown Bancorp

withholds quarterly dividend

Smithtown Bancorp has decided not to declare a cash dividend for the fourth quarter of 2009, the company said Tuesday. "We expect elevated levels of nonperforming loans and loan loss provisions for the near future, as well as other challenges posed by the current economic and regulatory environment," said chief executive Brad Rock, who is also chairman of the board. "Therefore, we believe that this is a time to conserve capital."

Stocks close slightly higher

despite drop in home sales

Stocks ended an erratic session with a slender gain Wednesday as rising commodities prices offset disappointment over an unexpected drop in home sales. The market will open for a half day today and close tomorrow. The Dow Jones industrial average rose 1.51, or 0.01 percent, to 10,466.44. The Standard & Poor's 500 index rose 2.57, or 0.2 percent, to 1,120.59, while the Nasdaq composite index gained 16.97, or 0.8 percent, to 2,269.64. From wire reports

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