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Monday Evening Business Brief

January 14, 2013, 5:14 PM

Monday Evening Business Brief
  • Stocks finished the day mixed. The Dow closed up 19 points at 13,507, but the broader indexes finished lower. The S&P 500 lost a point to end at 1,470, while the Nasdaq fell eight to 3,117.
  • Treasury Secretary Timothy Geithner is telling congressional leaders that the U.S. government could hit its borrowing limit as soon as the middle of next month. The government reached the $16.4 trillion limit on Dec. 31, but began using bookkeeping maneuvers to stay under it. In a letter to congressional leaders, Geithner says Treasury will exhaust those measures sometime between mid-February and early March.
  • A measure of 2012 home prices shows the biggest rise in six years. Real estate data provider CoreLogic says its home price index climbed 7.5 percent last year. Stronger demand, a lower inventory of unsold homes and fewer sales of bank-owned properties were key factors.
  • JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion. Federal regulators are also citing the nation's largest bank for lapses in control that allowed the bank to be used for money laundering. JPMorgan will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency after promising to strengthen its policies and procedures.
  • Nissan's sales of its Leaf electric car have fallen far short of expectations, so the carmaker is lowering the price. The 2013 Leaf will start at $28,800, which is $6,000 lower than the previous model. Federal tax incentives drop the cost to buyers below $19,000.

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