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Thursday Afternoon Business Brief

September 20, 2012, 1:13 PM

Thursday Afternoon Business Brief

Amid more downbeat data, stocks have slipped today. The Dow and other stock-market indexes reached four-year highs last week after the Federal Reserve unveiled a new plan to support the economy.

  • The Federal Reserve says Americans' wealth contracted by about 0.5 percent in the April-June quarter as a drop in stock prices more than offset a gain in home values. But since June, the stock market has surged about 7 percent - more than reversing last quarter's 3 percent drop in stock prices. And it's brought Americans closer to regaining all the wealth they lost to the Great Recession.
  • An IPO on the rise, shares of Trulia have jumped more than 40 percent in their first day of trading on the New York Stock Exchange. The San Francisco-based firm operates a real estate web site and mobile apps.
  • J.C. Penney stock is one of the market's biggest decliners today. The department store chain says it expects its financial struggles to continue during the second half of the year.
  • Wal-Mart Stores will stop selling Amazon.com's Kindle tablet and e-readers. The world's largest retailer says it will continue to sell a range of tablets and e-book readers, including Apple's iPad, Barnes & Noble's Nook, and devices from Samsung, Sony and others.

Find the latest local business news on the Back to Business page of KELOLAND.com.

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