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Wednesday Morning Business Brief

September 26, 2012, 5:47 AM

Wednesday Morning Business Brief

The power of the Federal Reserve was in evidence yesterday as Wall Street suffered its worst sell-off in three months. The president of the Philadelphia Fed branch said he doubted the success of the central bank's attempt to foster growth and lower unemployment. That sent the Dow down 101 points to 13,458. The S&P lost 15, the worst drop since late June. Futures trading suggests a lower opening.

  • International stock markets dove today after pessimism about global growth prospects sparked Wall Street's worst sell-off in three months. The dollar rose against the euro but fell against the yen. Benchmark crude oil fell below $91 a barrel.
  • An update on the housing market is due today from the government. The report on tap this morning covers August new home sales.
  • A general strike is on in Greece to protest punishing austerity measures demanded by rescue creditors. It's the first general strike since the country's coalition government was formed in June. The protest will halt flights for hours and shut down everything from schools, ferry services and hospitals to shops and customs offices.
  • The already intense tablet wars are about to ratchet up even more. Barnes & Noble is rolling out two new versions of its Nook tablet with sleek new hardware and a sharper high-definition screen. The 7-inch version weighs in at $199 for starters while the 9-inch model starts at $270. The new Nooks are available for pre-order starting today.

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