International stock markets sank today for a second day as slumping oil prices and concern Greece might leave the European currency union fueled unease about the global growth outlook. Futures point to more declines on Wall Street. The dollar declined against the yen and the euro. Benchmark crude oil fell below $50 a barrel.
- WASHINGTON (AP) - Today's economic reports offer snapshots of the service and manufacturing sectors across the U.S. The Commerce Department reports on November factory orders. Orders slipped the previous three months, however economists have been saying the weakness is likely temporary. Also this morning, the Institute for Supply Management is out with its service sector index for December.
- LOS ANGELES (AP) - The port slowdown on the West Coast as dockworkers and their employers tread water in contract negotiations could get a boost now that a federal mediator is getting involved. Each side blames the other for the slow movement of billions of dollars of cargo. While there may not be an immediate return to normalcy, a mediator has proven pivotal in past contract disputes.
- SEOUL, South Korea (AP) - Hyundai Motor Group, the world's fifth-largest automaker, says it plans to spend 81 trillion won ($73.7 billion) over the next four years on factories, research and a new headquarters. The announcement comes after Hyundai Motor Co. last week forecast the slowest annual sales growth in more than a decade. The South Korean government has pressured businesses to stop hoarding cash reserves and instead invest and hire more.
- FRESNO, Calif. (AP) - California's high-speed rail project reaches a milestone Tuesday as officials mark the start of work on the nation's first bullet train, which is designed to whisk travelers at 200 mph between Los Angeles and San Francisco in less than three hours. The ceremony in Fresno comes amid challenges from Central Valley farmers and communities in the train's path who have sued to block it and from Republican members of Congress who vow to cut funding for the $68 billion project.