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Wednesday Afternoon Business Brief

November 14, 2012, 1:25 PM

Wednesday Afternoon Business Brief
  • Stocks have lost ground again today on Wall Street. The Dow has been down more than 100 points.
  • Speaking at a news conference today, President Barack Obama said the economy cannot afford a tax increase on all Americans. He called on congressional Republicans to support an extension of existing tax rates for households earning $250,000 or less. He expressed confidence that an agreement can be reached with Congress to avoid the "fiscal cliff."
  • The Federal Reserve's latest meeting minutes, just released, indicate the central bank will likely launch a new bond-buying program in December. The current program, to sell short-term Treasurys to buy longer-term securities, is set to expire at year-end.
  • Americans sent retail sales lower last month, amid mixed impacts from Superstorm Sandy. The Commerce Department says sales were down 0.3 percent after three months of gains.
  • Facebook has defied expectations for a decline today as more than 850 million additional shares in the company were freed up for potential sale. The stock was recently up 10 percent on the day.

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