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August 21, 2013 05:01 PM

Wednesday Evening Business Brief

  • The stock market is closing lower after the Federal Reserve signaled it's still on track to slow its huge bond-purchasing program. The market was already lower today after several retailers issued disappointing profit forecasts. The Dow Jones industrial average fell 105 points to 14,897. The S&P 500 index dropped 9 ½ points to 1,642. The Nasdaq fell nearly 14 points.
  • The Federal Reserve is indicating it will slow a bond-buying program that has suppressed long-term interest rates by the end of the year.  That pushed down the price of oil today. Benchmark crude for October delivery dropped $1.26 to close at $103.85 a barrel on the New York Mercantile Exchange.
  • Hewlett-Packard says it made a profit in the latest quarter, reversing a huge loss a year ago that stemmed from an $8 billion charge.  HP says it earned $1.39 billion, or 29 cents per share. That's up from a loss of $8.86 billion, or $4.49 per share, a year ago. Revenue fell 8 percent to $27.2 billion from $29.7 billion. Excluding one-time items, HP earned 86 cents per share.
  • The Federal Reserve is appealing a court ruling that rejected its cap on how much banks can charge businesses for processing debit card transactions. The judge ruled the Fed's cap of 24 cents per swipe set in 2011 is too high. The ruling was a victory for a coalition of retail groups, which sued the Fed over its cap. The rule remains in place for now.
  • The computing device Google Glass can serve as an automated tour guide with the help of a new application from a little-known startup within the Internet's most powerful company. The app, called "Field Trip," is being released today by Google-owned Niantic Labs for people currently testing an early model of Glass known as the Explorer edition. It becomes just the ninth app to be approved by Google for use on Glass before the device's anticipated mass market release early next year.
  • Business
  • Economy/Stocks

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