LITTLE ROCK, Ark. (Arkansas Business) -- U.S. stocks closing slightly lower on Tuesday. This comes amid deepening political turmoil in Egypt that sent the price of crude oil higher. Otherwise trading was mostly quiet ahead of the July 4th holiday.
The stock market rose in the morning as traders responded to good news about car sales, home prices and manufacturing. But indexes started falling in the early afternoon.
Volume was lower than average at 3.2 billion shares.
U.S. markets will close early today and be closed Thursday for Independence Day.
Arkansas ends fiscal year with surplus
Here in Arkansas, the state ending its fiscal year with a nearly $300 million surplus.
The Arkansas Department of Finance and Administration reported Tuesday that the state's net available revenue for the fiscal year that ended Sunday was a little more than $5 billion.
That amount was $275.4 million higher than last year.
Officials said revenues were above last year's and above their predictions,mainly because of an increase in individual income tax collections.
The department attributed the growth to residents shifting income into tax year 2012 to avoid higher federal income tax rates.
Gov. Mike Beebe said the numbers were good news but said that the individual income tax growth was a one-time anomaly that the state likely won't see in the future.
Bank of the Ozarks to open loan office in NY
And finally, Bank of the Ozarks of Little Rock is setting up shop in the Big Apple. The bank company says it plans to open a loan production office in New York City on Friday.
Richard Smith, executive vice president, will lead the New York office, which will be an extension of the bank's Real Estate Specialties Group, based in Dallas.
The bank says much of that Real Estate Specialties Group's deals, debt and financing comes from New York sources so a New York office makes sense.
That group already has two satellite offices, one in Austin, Texas, and another in Atlanta.
In all, this will be Bank of the Ozark's 118th location. The company has operations in Arkansas, Georgia, Texas, Florida, North Carolina, Alabama and South Carolina.