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May 29, 2013 01:24 PM

Wednesday Afternoon Business Brief

Stocks are falling in afternoon trading on Wall Street. The Dow Jones industrial average is giving back most of what it gained yesterday, when it closed at a record high. But the Dow is still up more than 16 percent this year and is on track for a sixth straight monthly climb. The Standard & Poor's 500 is headed for a seventh consecutive month of increases, the longest winning streak since 2009. The S&P is up 15.5 percent this year.

  • Nasdaq has agreed to pay a $10 million penalty to settle federal civil charges stemming from Facebook's public stock offering last May. The Securities and Exchange Commission says the penalty is the largest ever imposed against an exchange. Computer glitches at Nasdaq delayed the start of trading on the day Facebook launched its initial public offering. Nasdaq also has had to pay $62 million in reimbursements to investment firms that lost money because of the problems.
  • The Labor Department says unemployment rates fell in almost all large U.S. cities in April, helped by stronger hiring. Unemployment rates declined in 344 of the 372 largest metro areas. Rates rose in just 17 cities and were unchanged in 11.
  • Two employees of the truck stop chain owned by the family of Tennessee Gov. Bill Haslam (HAZ'-lam) and Cleveland Browns owner Jimmy Haslam have pleaded guilty in a federal probe of the company's business practices. A regional sales director and a regional accounts representative are the first to be charged in the investigation. Federal prosecutors allege members of Pilot's sales team deliberately withheld rebates to boost Pilot profits and pad sales commissions.
  • Federal health regulators are allowing overseas imports of critical intravenous drugs used to nourish premature infants, amid a shortage affecting hospitals nationwide. The Food and Drug Administration says it's temporarily allowing imports from a plant in Norway to ease shortages triggered by the shutdown of American Regent, the primary U.S. manufacturer of the drugs.
  • Business
  • Economy/Stocks
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