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Wednesday Evening Business Brief

September 26, 2012, 5:36 PM

Wednesday Evening Business Brief

Stocks drifted lower today following a sharper selloff in Europe. The Dow industrials fell 44 points to 13,414. The S&P lost 8 points, while the Nasdaq shed 24.

  • While sales of new homes were slightly lower in August, prices for the homes sold saw a record rise. Sales rose the most in the Northeast and pricier homes sold well too.
  • A Federal Reserve official who is a booster of more aggressive actions to combat high unemployment says the country cannot afford timid efforts. Federal Reserve Bank of Chicago president Charles Evans says he wholeheartedly supports the newly announced moves to buy mortgage-backed securities to drive down interest rates and stimulate economic growth.
  • The Justice Department is requiring the two largest parking management companies in the U.S. to sell more than 100 of their garages and lots in 28 cities if they want to move ahead on a merger. If the deal is approved by a federal court, Chicago-based Standard Parking Corp. will acquire Central Parking Corp. of Nashville, Tenn., in a transaction valued at $345 million.
  • Benchmark crude saw further decline in price today. Oil settled at $89.98 per barrel, down $1.39.

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