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Tuesday Morning Business Brief

January 14, 2014, 5:42 AM

Tuesday Morning Business Brief

Investors are hoping Wall Street will have a better day today, following the market's worst day of the year so far. Stocks dropped Monday as falling oil prices pushed down energy stocks. The Dow Jones industrial average fell 179.11 points, or 1.1 percent, to 16,257.94. The S&P 500 dropped 23.17 points, or 1.3 percent, to 1,819.20, the biggest decline for the index since Nov. 7. And The Nasdaq composite dropped 61.36 points, or 1.5 percent, to 4,113.30. Futures point to a flat opening this morning.

  • Most international stock markets sank today as a big sell-off that began in the U.S extended around the globe. Asian and European investor sentiment was dampened after U.S. stocks had their worst day so far this year. Benchmark crude oil rose to near $92 a barrel. The dollar gained against the yen and fell against the euro.
  • The government provides some numbers on the holiday shopping season this morning, when the Commerce Department is scheduled to release retail sales data for December. A little later this morning, the department reports on business inventories for November. From the private sector, JPMorgan Chase and Wells Fargo are set to release quarterly financial reports. Both have taken substantial hits in recent months to settle claims stemming from the mortgage crisis.
  • The House on Tuesday is expected to approved a short-term funding bill that would give the Senate more time to finish an overall spending bill. Senators would have until midnight Saturday to finish the $1.1 trillion bipartisan spending bill that would pay for the operations of government through October. That bill was unveiled last night by top congressional negotiators hoping to put an end to the bitter battles of 2013.
  • Google will pay $3.2 billion to buy Nest Labs, which develops high-tech versions of devices like thermostats and smoke detectors, in its second-largest acquisition ever. The search engine operator was an early investor in Nest Labs. It says the company's Nest Learning Thermostat has been a "consistent best-seller." It's designed to learn how inhabitants like their homes to be heated and cooled and adjust automatically.

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