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Monday Afternoon Business Brief

February 3, 2014, 1:44 PM

Monday Afternoon Business Brief

Investors are watching to see whether this is the market correction some say is overdue. Stocks are down sharply today, with the Dow off around 250 points in afternoon trading and the S&P 500 and the Nasdaq looking at losses of 2 percent or more for the day. A drop of 10 percent is considered a market correction, and analysts point out that the market is already down more than 5 percent from the highs set at the end of last year.

  • A major U.S. hotel operator says it's investigating a data breach that may affect customers from nearly a year ago. But, White Lodging won't say how many people might be affected. Cybersecurity blogger Brian Krebs first reported the breach of credit and debit card information and says it could affect thousands of guests at Marriott hotels managed by White Lodging since March 23, 2013. White Lodging manages 168 hotels under various brands in 21 states.
  • Transportation Secretary Anthony Foxx says new crash-avoidance technology holds the potential to significantly reduce the number of collisions, injuries and deaths on the nation's streets and highways. The technology lets vehicles communicate with each other and automakers could soon be required to equip new cars and light trucks with it.
  • Workers at a Volkswagen plant in Tennessee will decide next week if they want to be represented by the United Auto Workers union. The German automaker says it has asked the National Labor Relations Board to conduct a vote at the plant Feb. 12 through 14. The vote represents a victory for the UAW, which has so far been unsuccessful in organizing U.S. workers at foreign-owned auto plants.
  • Janet Yellen has officially taken over as the chair of the Federal Reserve today, while her predecessor has found a professional landing spot. The Brookings Institution says Ben Bernanke will be a distinguished fellow in residence with the Washington think tank's Hutchins Center on Fiscal and Monetary Policy. The center's director says Bernanke is planning to write a book.

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