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Wednesday, December 5, 2012

Business Today: Dow, S&P end higher, but Apple sinks Nasdaq in wild day

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12/5/2012
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Dow, S&P end higher, but Apple sinks Nasdaq in wild day
NEW YORK (Reuters) - A volatile trading session ended with stocks mostly higher on Wednesday, even as Apple, the most valuable company in the United States, suffered its worst day of losses in almost four years.
Both sides dig in on "fiscal cliff," but "nothing going on"
WASHINGTON (Reuters) - Republicans and Democrats dug in on "fiscal cliff" talks on Wednesday, with both sides urging quick action but offering no compromises in a political stare-down that shows no signs of breaking.
SEC charges Wells Fargo banker, nine others in insider-trading case
WASHINGTON (Reuters) - U.S. securities regulators on Wednesday charged a Wells Fargo investment banker and nine others for their alleged role in an insider-trading ring that earned more than $11 million by trading on tips about impending mergers.
More shoppers on Thanksgiving vs Friday: Reuters/Ipsos
(Reuters) - Opening their doors and offering sales on Thanksgiving did more than give retailers an early start to the holiday shopping season - the holiday actually may have drawn more shoppers than "Black Friday."
Analysis: Ford readies to revamp Lincoln yet again to save brand
DETROIT (Reuters) - After failing numerous times to revamp its lagging Lincoln brand, Ford Motor Co is preparing to try yet again with a new compact crossover aimed at younger drivers looking for a finely crafted but low-key luxury car.
U.S. aerospace industry sees 10th straight growth year
WASHINGTON (Reuters) - U.S. aerospace and arms companies are poised for 2.8 percent overall sales growth next year to about $224 billion, which would mark their 10th straight year of growth, barring steep Pentagon budget cuts, the industry's chief trade group said on Wednesday.
Airlines launch drive for national airline policy
WASHINGTON (Reuters) - U.S. airline company executives, complaining that their industry is over-taxed and over-regulated, on Wednesday called for a national airline policy to help them shore up profits and jobs.
Citigroup cutting 11,000 jobs, taking $1 billion in charges
(Reuters) - Citigroup Inc, which has lagged behind its peers in recovering from the financial crisis, said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses.
GM China chief hints at GM joining forces with China's SAIC in SE Asia
SHANGHAI (Reuters) - General Motors Co's new China chief downplayed concerns over the health of its relationship with Chinese partner SAIC Motor Corp, insisting they are growing closer as they look to use their business model in Southeast Asia to tap demand for no-frills cars.
Freeport makes $9 billion energy bet; Wall Street pans deal
(Reuters) - Freeport-McMoRan Copper & Gold Inc struck a deal to buy Plains Exploration & Production Co and McMoRan Exploration Co for $9 billion in a bold bid to diversify into the U.S. energy sector as copper's prospects wane.
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