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February 21, 2012 01:23 PM

Tuesday Afternoon Business Brief

A milestone has been revisited by the stock market today. The Dow Jones industrial average crossed 13,000 or the first time since May 2008.
  • Retail stocks are in the spotlight today.  Wal-Mart shares dropped 4 percent after missing analyst expectations on both earnings per share and revenue. At the same time, Macy's shares were up 5 percent after beating analyst forecasts.
  • President Barack Obama says Congress "did the right thing" by extending payroll tax cuts for millions of Americans. He urged lawmakers to push forward on more measures, from assistance to struggling homeowners to increased taxes on the wealthy, saying the looming election was no excuse for inaction in Washington.
  • Oil prices have risen to the highest level since May on concerns about Europe's oil supplies after Iran said it would stop selling to Britain and France. Benchmark crude rose more than $1 to $105.20 a barrel in New York.
  • Comcast will launch four minority-owned networks on its cable-TV systems in the next two years, including channels spearheaded by music mogul Sean "P. Diddy" Combs and NBA great Magic Johnson. Two of the networks are majority black-owned while two are majority American-Hispanic-owned, all with programming in English.
  • Business
  • Gas & Energy
  • Economy/Stocks

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