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Wednesday Afternoon Business Brief

October 26, 2011, 2:37 PM

Wednesday Afternoon Business Brief
Stocks have been mixed in midday trading on Wall Street. Investors remain on edge awaiting some resolution of a meeting among European leaders on the debt crisis there. The key averages were seeing moves of less than one percent, either higher or lower.
  • European leaders are in Brussels under pressure to announce a comprehensive solution to the continent's increasingly unmanageable debt crisis. As the summit began, the heads of state and government remained deeply divided on some of the key issues they need to solve or risk renewed turbulence on financial markets across the globe. 
  • President Barack Obama says it has never been more important for Americans to get a college education. Speaking at the University of Colorado in Denver, the president announced new actions to lower student loan payments.
  • A former board member of Goldman Sachs and Proctor & Gamble became the most prominent business executive arrested in the biggest insider trading case in history when a
    securities fraud indictment was unsealed against him Wednesday. The indictment accuses Rajat Gupta of cheating the markets with Raj Rajaratnam the convicted hedge fund founder who was the probe's prime target.
  • General Motors is recalling more than 36,000 Chevrolet Equinox and GMC Terrain crossover SUVs to fix tire pressure monitors that don't work right. The automaker says systems in the 2012 vehicles should warn drivers when tire pressure drops 25 percent below the recommended pressure. But in the recalled vehicles, the warning light doesn't come on until the tire pressure falls more than 25 percent.

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