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Monday Afternoon Business Brief

August 25, 2014, 1:26 PM

Monday Afternoon Business Brief
  • The S&P 500 index continues to hover near the 2,000 mark after crossing that threshold today for the first time ever. As of 2 p.m. Eastern time, the Dow industrials were up 63 points while the NASDAQ composite was up 20 points.
  • The Commerce Department says fewer Americans bought new homes in July. The report says that new-home sales fell 2.4 percent last month to a seasonally adjusted annual rate of 412,000. The sales data dampened enthusiasm over other recent reports that the pace of buying has recently improved.
  • Sony says hackers infiltrated its PlayStation Network and disrupted the travel plans of a top company executive by going on Twitter to suggest there was a bomb on his plane. A Twitter account called Lizard Squad tweeted that it was responsible for the hack and the implied threat.
  • Burger King is in talks to buy Canadian doughnut chain Tim Hortons. A deal would create a new holding company headquartered in Canada, a move that could shave Burger King's tax bill. Shares of Burger King and Tim Hortons both jumped before the opening bell.
  • French President Francois Hollande is weighing his options after dissolving the government today. There's open feuding in the Cabinet about how much cutting - or spending - will revive France's stagnant economy. Hollande is to announce a new government tomorrow.

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