Tuesday Evening Business Brief
September 2, 2014, 6:11 PM
- The stock market suffered a tiny loss today despite strong reports about the U.S. economy. The Standard & Poor's 500 index slipped 1.09 points, to 2,002.28. The Dow Jones industrial average fell 30.89 points, or 0.2 percent, to 17, 067.56. One analyst explained by saying that signs of solid economic growth raise the odds that the Federal Reserve will move to lift short-term interest rates.
- Home Depot is investigating a potential credit card data breach. The Atlanta home improvement retailer tells The Associated Press it's looking into "unusual activity" and that it's working with both banks and law enforcement. The possible data breach was first reported by Brian Krebs of Krebs on Security, a website that focuses on cyber security. Krebs said multiple banks reported "evidence that Home Depot stores may be the source of a massive new batch of stolen credit and debit cards."
- Opening statements began today in the Detroit bankruptcy trial. Bruce Bennett, one of the city's lawyers, says the trial will resume on Wednesday morning. He says progress "has been made, but the city is still in distress." Detroit expects to cut $12 billion in unsecured debt to about $5 billion. Most creditors, including more than 30,000 retirees and city employees, have endorsed a restructuring plan that has been brought forward.
- Atlantic City's newest casino - and its biggest, costliest flop - went out with barely a whimper today. Revel Casino Hotel opened a little more than two years ago amid high hopes of turning around Atlantic City's struggling casino market. But the $2.4 billion resort shut down as its casino closed one day after the hotel checked out its last guest
- McDonald's says it will monitor its suppliers in China more closely after a food-safety scandal in the country hurt the hamburger chain's sales and reputation. The company says Tuesday it plans to increase audits and video monitoring at its suppliers and send more employees to meat production facilities to ensure that its food is prepared safely. It also named a new food safety officer and created a hotline where employees can report poor food safety practices.
© 2014 Associated Press. All rights reserved. Material may not be redistributed.