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Wednesday Evening Business Brief

December 12, 2012, 5:27 PM

Wednesday Evening Business Brief

Stocks faded after rallying earlier in the session. The Dow dropped 3 points to 13,245. The S&P was little changed, while the Nasdaq dropped 8.

  • Federal Reserve Chairman Ben Bernanke says The U.S. economy is already being hurt by the "fiscal cliff" standoff in Washington.  He expressed the view that the matter could be resolved soon and without significant further damage to the economy.
  • A survey of U.S. chief executives shows the number of large companies that plan to add jobs or hire more workers is essentially unchanged versus three months ago, although fewer expect hiring to decrease. The Business Roundtable says that 29 percent of its member CEOs plans to increase hiring over the next six months, the same as in September when the group released its previous quarterly survey.
  • It would be relief for certain kinds of airline passengers arriving in the U.S from abroad. Those missing connecting flights because their checked bags have to be rescreened should be helped under legislation passed by the House. It has been sent to the president for his signature.
  • Anti-virus software founder John McAfee, released from a detention center Wednesday, was escorted by immigration officials and police to the Guatemala City airport. There, he was apparently put on a commercial flight bound for Miami.

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