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Monday Afternoon Business Brief

December 30, 2013, 1:53 PM

Monday Afternoon Business Brief
  • Stocks were little changed in midday trading as investors closed out their positions for what has been a year for the history books on Wall Street. The S&P 500 is up 29 percent so far, on pace for its best year since 1997. The Dow is up 26 percent, its best year since 1996.
  • Japan's main stock index rose today to end 2013 at its highest level in more than six years. The Nikkei 225 gained 0.7 percent to 16,291.31 on its last trading day of the year.  Most other markets were lackluster, with Germany's DAX dipping to close the year just short of its record high.
  • The Federal Aviation Administration has announced six states that will develop test sites for drones. They are Alaska, Nevada, New York, North Dakota, Texas and Virginia. Drones have been mainly used by the military, but governments, businesses, farmers and others are making plans to join the market.
  • Wells Fargo says it has made a $591 million deal with Fannie Mae to settle obligations related to loans that went bad after the housing bubble burst. The deal covers loans made through 2008. Wells Fargo says it resolves nearly all repurchase liabilities it has with Fannie Mae.
  • Cooper Tire & Rubber Co. is calling off its sale to India's Apollo Tyres. The decision unravels a $2.2 billion deal announced just over six months ago. Cooper said financing is no longer available, and it continues to claim that Apollo breached the terms of the agreement. Apollo says may pursue legal remedies.

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