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Tuesday Morning Business Brief

December 3, 2013, 5:41 AM

Tuesday Morning Business Brief

Economists hope Wall Street can shake off yesterday's bearish performance, mostly in reaction to disappointing retail sales reports, and pick up steam again today. The Dow Jones industrial average fell 77 points, or 0.5 percent, to close at 16,008.77 yesterday. The Standard & Poor's 500 index fell four points, or 0.3 percent, to 1,800.90. The Nasdaq composite fell 13 points, or 0.4 percent, to 4,045.26. Futures point to a slightly lower opening

  • International stock markets mostly fell today as investors awaited a slew of U.S. economic data this week to gauge when the Federal Reserve will start reducing its monetary stimulus. Japan's benchmark rose on a weaker yen. Benchmark crude oil rose above $94 a barrel. The dollar fell against the euro and rose against the yen.
  • A judge is expected to announce today whether Detroit can come up with a plan to get rid of $18 billion in debt in the largest public bankruptcy in U.S. history. The case ultimately could crack a shield protecting public pensions and also put the city's extraordinary art collection up for grabs. Judge Steven Rhodes will declare whether Detroit is eligible to stay in bankruptcy court.
  • It could be a make or break issue for the World Trade Organization. Top trade officials are in talks in Indonesia today that will either produce an eleventh hour deal that could boost the global economy by $1 trillion or possibly spell the end of the WTO's relevance as a forum for negotiations.
  • Early numbers indicate that online shopping was up more than 17 percent yesterday compared with Cyber Monday year. The figures are from IBM Benchmark. They suggest that nearly a third of all online shopping traffic was done by way of mobile devices like smartphones and tablets.

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