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Tuesday Afternoon Business Brief

December 3, 2013, 1:20 PM

Tuesday Afternoon Business Brief

Stocks have been falling on Wall Street as investors worry about the Federal Reserve winding down its economic stimulus program. The Dow was down more than 125 points in afternoon trading, while the S&P 500 was off about 10 points, and the Nasdaq was down nearly 20.

  • A U.S. bankruptcy judge has declared Detroit eligible for bankruptcy. The ruling clears the way for the city to come up with a plan to shed $18 billion in debt. The judge rejected arguments from unions, pension funds and retirees who said the city failed to negotiate in good faith before the bankruptcy filing.
  • A federal appeals court has handed BP another victory in its bid to block what could be hundreds of millions of dollars in settlement payments to Gulf Coast businesses following the company's 2010 oil spill in the Gulf of Mexico. A three-judge panel ruled today that a judge must reconsider BP's arguments that the settlement shouldn't compensate businesses if their losses can't be directly traced to the massive spill.
  • Counselors helping people use the federal government's online health exchange are giving mixed reviews to the updated site. Some say they are zipping through the application process while others report continuing sputters and crashes. The Centers for Medicare and Medicaid Services say about 750,000 people had visited the site yesterday - about double the traffic for a typical Monday. Meanwhile, insurers are reporting problems with the enrollment data they're receiving, saying some of it is corrupted by errors, duplication or garble.
  • Chick-fil-A says it's removing high-fructose corn syrup from its white buns and artificial dyes from its sauces and dressings as part of a push to improve the ingredients in its foods. The fast-food chicken chain says the reformulated buns are being tested at some 200 locations in Georgia. The sauces and dressings will be tested starting early next year. Chick-fil-A says it also removed a yellow dye from its chicken soup.

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