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Monday Afternoon Business Brief

September 12, 2011, 1:43 PM

Monday Afternoon Business Brief
After trading mixed for a time earlier in the session, stocks have been broadly lower. The Dow is down more than 100 points at midday.
  • President Barack Obama is challenging Congress to act immediately on his new jobs plan. As he held a copy of the legislation in the Rose Garden, he demanded: "No games, no politics, no delays."
  • Bank of America plans to cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The cost-cutting drive is part of a broader effort to reshape and shrink the nation's largest bank as it copes with fallout from the housing bust.
  • The yield on the 10-year Treasury note has hit another record low as fears intensify that Greece will default on its debt. The yield on the 10-year note recently stood at 1.91 percent, having been as low as 1.87 percent earlier, the lowest since the Federal Reserve Bank of St. Louis began keeping daily records in 1962.
  • The owner of Philadelphia's two major newspapers is offering discounted tablet computers in an effort to attract more digital subscribers. It will provide about 5,000 tablets running Google's Android operating system for as low as $99 to customers who buy a two-year digital subscription to The Philadelphia Inquirer or Philadelphia Daily News.

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