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Wednesday Afternoon Business Brief

December 5, 2012, 1:20 PM

Wednesday Afternoon Business Brief
  • The Dow and the S&P 500 are higher in afternoon trading on Wall Street, while the Nasdaq remains in negative territory. Stocks have failed to mount a sustained rally in recent weeks amid concern about the threat of tax hikes and spending cuts at the beginning of January.
  • President Barack Obama tells business leaders that the GOP should not set up a confrontation over raising the debt ceiling. Addressing the Business Roundtable, the president said that is "not a game" that he's willing to play.
  • The latest check of the nation's service sector finds growth, at a slightly faster pace. The Institute for Supply Management's index of non-manufacturing activity rose to 54.7 from 54.2 in October. Any reading above 50 indicates growth.
  • Work is resuming at the Los Angeles and Long Beach harbors. A more than week-long strike has been settled after crippling the nation's busiest container port complex.
  • If you have "deep pockets," Starbucks hopes it has a good suggestion for your holiday gift list. It is offering a $450 gift card made of stainless steel.

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