Tuesday Evening Business Brief
August 20, 2013, 7:01 PM
- Better results from Best Buy and other retailers helped the stock market close mostly higher today. Bond yields, which had been rising sharply for the last several days, pulled back, bringing relief to investors worried about higher interest rates. The Standard & Poor's 500 index ended a four-day losing streak. But the Dow Jones industrial average ended with a small loss after being up for most of the day. That extended the Dow's string of losses to five, the longest of the year.
- A federal judge today approved Kodak's plan to emerge from court oversight in the wake of its filing for bankruptcy protection last year. It paves the way for the camera-making business to recreate itself as a new - and much smaller - company focused on commercial and packaging printing.
- Al-Jazeera America signed on today with a brisk hello from anchor Tony Harris before he got down to business with his network's first stories: continued turmoil in Egypt, shots fired at an Atlanta elementary school and more wildfires in the West. With that, the network entered the cable-news fray long dominated by CNN, MSNBC and Fox News Channel.
- The Mexican government has lowered its forecast for the nation's economic growth this year to 1.8 percent. That's down from the 3.1 percent gain it predicted earlier this year. The National Statistics Institute says the country's GDP expanded only 1.5 percent in the second quarter of 2013, compared to the same quarter of 2012.
- The J.C. Penney Co. today reported its sixth straight quarter of big losses and steep revenue drops as it continued to face challenges related to a botched turnaround plan spearheaded by its ousted CEO Ron Johnson. But investors sent Penney shares up six percent to nearly $14 - after having pushed the stock down nearly 70 percent in the last 18 months - in an expression of confidence that returning CEO Mike Ullman has started to stabilize the business.
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