Tuesday Evening Business Brief
August 28, 2012, 6:20 PM
- The stock market ended little changed again today. The Dow dropped 22 points to 13,103. The S&P fell 1 point to 1,409, while the Nasdaq added 4 points to 3,077.
- The Obama administration has issued new fuel economy rules requiring the average of new cars and trucks sold in the U.S. to double over the next 13 years. The regulations will bring dramatic changes to the cars and trucks in U.S. showrooms, with the goal of cutting greenhouse gas emissions and fuel use.
- Oil prices rose as Isaac strengthened into a hurricane on its way into the heart of the Gulf of Mexico's oil and refinery operations. Benchmark crude rose 86 cents to settle at $96.33 a barrel in New York.
- Lawyers for the federal government say Solyndra, which filed for bankruptcy last year, needs to provide more information in its reorganization plan about tax breaks that could be worth hundreds of millions of dollars to private equity funds that control the failed solar power company. The Energy Department and the IRS are objecting to a disclosure statement by Solyndra, which received a half-billion dollar loan from the Obama administration.
- The Federal Trade Commission has filed a complaint against Robert Titzer, the man behind the "Your Baby Can Read" program. The FTC accuses him of false and deceptive advertising for promoting his program in ads and product packaging as a tool to teach infants as young as nine months to read. The program cost about $200 and was sold nationwide at stores including Wal-Mart and Babies R Us.
© 2012 Associated Press. All rights reserved. Material may not be redistributed.