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Wednesday Morning Business Brief

January 15, 2014, 5:33 AM

Wednesday Morning Business Brief

Investors are hoping the stock market will continue to bounce back following Monday's worst day of the year performance. Wall Street bounced back Tuesday, with the S&P 500 climbing more than 1 percent to erase losses from a day earlier. The Dow Jones industrial average rose 115.92 points, or 0.7 percent, to close at 16,373.86. And the technology-heavy Nasdaq composite rose 69.71 points, or 1.7 percent, to 4,183.02. Futures point to gains at this morning's opening.

  • International stock markets rose today as an upbeat World Bank assessment of the global economic outlook underpinned buying spurred by stronger U.S. retail sales. The dollar rose against the euro and the yen. Benchmark U.S. crude oil rose slightly to remain above $92.50 a barrel.
  • The Labor Department releases its producer price index for December this morning. Wholesale prices have fallen the three previous months, pushed down by cheaper gasoline and home heating oil costs. This afternoon the Federal Reserve releases its survey of regional business conditions known as the beige book. Some earnings reports are also expected.
  • A report by the Global Business Travel Association is predicting an upswing this year. The forecast say U.S. business travel spending is expected to rise 6.6 percent to $289.8 billion this year. A main driver is an anticipated more than 12 percent jump in spending on trips overseas to $36.7 billion as the eurozone recovers.
  • President Barack Obama intends to nominate Maria Contreras-Sweet, the founder of a Latino-owned community bank in Los Angeles and a former California cabinet secretary, to be head of the Small Business Administration. A White House official says Obama will announce Contreras-Sweet's selection at an event today. The Washington Post first reported the nomination.

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