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Wednesday Morning Business Brief

October 10, 2012, 5:48 AM

Wednesday Morning Business Brief

The latest session for stocks saw the key averages decline. The Dow dropped 110 points to 13,474. The S&P declined 14, while the Nasdaq was down 47 points. After the close, Alcoa posted earnings that were better than expected. Futures trading point to a lower opening today.

  • Worries about Europe's debt crisis, signs of weak global growth and expectations of lower U.S. corporate earnings sent most international stock markets down today. Only mainland China shares rose. Benchmark crude oil fell below $92 per barrel. The dollar rose against the euro and the yen.
  • The Federal Reserve today releases the Beige Book survey. The report is prepared for the next meeting of Fed policymakers.
  • Toyota is announcing another giant recall. This time, it's 7.43 million vehicles in the U.S., Japan, Europe and elsewhere for a faulty power-window switch. The recall affects more than a dozen models produced from 2005 through 2010. Toyota says the switch on the driver's side didn't have grease applied evenly during production, causing friction and sometimes smoke. No crashes or injuries have been reported.
  • When global finance ministers meet this week in Tokyo, they'll confront a triple challenge. Europe is gripped by a debt crisis and stalled growth. A budget standoff in the United States is set to trigger tax increases and spending cuts and perhaps a recession. And a weaker Asia is slowing worldwide growth. As a result, the International Monetary Fund has turned gloomier about the global economy.

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