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June 04, 2013 01:22 PM

Tuesday Afternoon Business Brief

Stocks started the day higher, wobbled at midday and have now started to tumble. The morning boost came from a couple of encouraging reports on housing and trade. But that enthusiasm petered out and the Dow was more than 100 points lower in afternoon trading. One analyst suggests traders are positioning themselves ahead of the government's monthly jobs report on Friday.

  • The federal government says it will auction leases for offshore wind farms for the first-time ever next month. The two areas are about 9 nautical miles off the coast of Rhode Island. One area is about 150 square miles, while the other covers a little more than 100 square miles. The Department of Energy estimates they could general enough electricity to power more than 1 million homes.
  • Chrysler is refusing a recall request from U.S. safety regulators. The National Highway Traffic Safety Administration wants about 2.7 million Jeep Grand Cherokees and Jeep Libertys recalled to fix fuel tanks that could leak and cause fires in rear-end collisions. But Chrysler says the SUVs are not defective and the request is based on incomplete data analysis.
  • New York's attorney general is suing HSBC Bank USA and HSBC Mortgage Corp., claiming they're failing to set timely foreclosure settlement conferences. State law requires that mortgage lenders request court-supervised intervention and attend a settlement conference on possible loan modifications within 60 days of filing suit. Attorney General Eric Schneiderman says thousands of cases have languished for months while lenders, including HSBC, assesses interest, fees and penalties.
  • The government says Americans throw away more than a third of the food they buy, and in 2010 that amounted to about 133 billion pounds of food waste. Now the Agriculture Department and the EPA say they are going to try to reduce that. Efforts will include working with the industry to increase donations of edible food.
  • Business
  • Economy/Stocks