Friday Afternoon Business Brief
December 27, 2013, 1:29 PM
- An early surge is gone as the stock market flattens out after six days of gains. Trading has been quiet with many investors on vacation after closing out positions until the start of the new year. The Dow and the S&P have slipped into negative territory in afternoon trading, while the Nasdaq was off about 10 points.
- Target says encrypted PIN data was removed along with customers' names and card numbers during the data breach that occurred earlier this month. But the company says it believes the PIN numbers are still safe because the information was strongly encrypted. It says the PIN can only be decrypted when received by its independent payment processor. The theft involved about 40 million credit and debit cards used at Target between Nov. 27 and Dec. 15.
- Federal unemployment benefits will come to a sudden halt for more than 1 million Americans this weekend. Analysts say the cutoff could hurt the economy with less money for consumers to spend. Families dependent on "emergency unemployment compensation" receive an average monthly stipend of $1,166.
- One market strategist says, "interest rates are on a road back to normalcy after being artificially suppressed by the Fed." Karyn Cavanaugh with ING U.S. Investment Management says she expects the yield on the 10-year Treasury note to rise to about 3.5 percent by the end of next year. Today it climbed above the 3 percent mark.
- Textron's chief says the aviation company's $1.4 billion purchase of Beechcraft Corp. will require "restructuring and optimization of costs." However, CEO Scott C. Donnelly says it hasn't been decided whether that means job cuts at Beechcraft's home base in Kansas or elsewhere. Donnelly acknowledged Friday that Beechcraft employees have been through a lot over the past few years and that the company's bankruptcy created uncertainty for customers.
© 2013 Associated Press. All rights reserved. Material may not be redistributed.
3/6/2014 1:10 PM
A Sioux Falls store is going out of business. The John Adam Collection gift and home décor store at 3401 S. Kelley Avenue will close by Ju...
3/3/2014 2:54 PM
CheapAir.com monitored four million trips, and on average the best day to buy is 54 days before takeoff.
3/7/2014 8:38 AM
A company that has been making Black Hills gold jewelry for 136 years has been sold to another Black Hills jeweler.
3/3/2014 11:27 AM
Dakotaland Autoglass, a wholesale supplier of auto glass and PPG automotive aftermarket and commercial coatings, now has 18 locations in six states.
3/3/2014 10:10 PM
Imagine travelling the world and never paying for a hotel. That's the idea behind home swapping websites.