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Thursday Morning Business Brief

September 22, 2011, 5:45 AM

Thursday Morning Business Brief
Investors decided to sell on the news of the Federal Reserve's announcement yesterday. The Dow ended the session at 11,125 after a decline of 284 points or 2.5 percent. The S&P was down 35 points, while the Nasdaq shed 52 points.
  • World stocks skidded lower today, stung by the Federal Reserve's pessimistic assessment of the U.S. economy. In early trading. Britain's FTSE 100 dropped 3.2 percent, and Germany's DAX stumbled 3.4 percent and France's CAC-40 fell 3.6 percent. Japan's closed 2.1 percent lower, South Korea's Kospi slid 2.9 percent and Hong Kong's Hang Seng was down 4.9 percent.
  • Oil prices plunged to near $83 a barrel Thursday in Asia, extending losses from the previous session after the U.S. central bank warned that already weak economic growth could deteriorate further. Benchmark oil for November delivery was down $2.52 at $83.40 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude dropped $1.00 to settle at $85.92 on Wednesday.
  • The Labor Department this morning releases new claims for unemployment benefits. Also today, the Conference Board's index of leading indicators are due out.
  • Target is a victim of its own success. It drummed up so much hype around its exclusive, limited-time line by upscale Italian designer Missoni that its website crashed and was down for most of the day Sept. 13 - the day the collection was launched. Now some shoppers who bought the Missoni pieces are posting on Facebook and Twitter that their online orders were delayed and even canceled.

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