Business Today: Wall Street drops 1 percent as fears of Fed policy change mount

	Click to View in Browser 06/5/2013 Wall Street drops 1 percent as fears of Fed policy change mount NEW YORK (Reuters) - Stocks dropped 1 percent on Wednesday, extending a recent selloff, as investors grappled with concerns that the Federal Reserve's stimulus may be nearing an end while the economy is still sluggish. SEC moves forward on rules to rein in money market funds WASHINGTON (Reuters) - A portion of the $2.6 trillion money market fund industry would be required to fundamentally change how it prices its shares in an effort to reduce the risk of abrupt withdrawals, under a proposal released by U.S. regulators on Wednesday. Companies add more jobs but growth disappoints NEW YORK (Reuters) - Hiring by U.S. firms was sluggish in May while a sharp rise in mortgage interest rates last week weighed on what has been a buoyant housing market, adding to signs the economy lost some momentum in the second quarter. Treasury to sell more GM shares as it winds down stake WASHINGTON/DETROIT (Reuters) - The Treasury Department on Wednesday announced plans to sell 30 million shares of General Motors Co common stock as part of its ongoing effort to wind down the government's stake in the bailed-out automaker. Bancorp sued over 'Midwest Madoff' brokerage accounts NEW YORK/CHICAGO (Reuters) - U.S. regulators sued U.S. Bancorp on Wednesday, alleging it knowingly allowed the head of a failed Iowa brokerage, dubbed 'the Midwest Madoff,' to use customer money held at the bank to help fund a lavish lifestyle. Exclusive: Tycoon Fredriksen sees tanker market weak for at least 2 years OSLO (Reuters) - Shipping magnate John Fredriksen expects the tanker market to remain depressed for at least two more years, but is more optimistic about the outlook for other arms of his shipping empire, he told Reuters on Wednesday. Analysis: Buffett utility deal may signal big push to invest cash (Reuters) - MidAmerican Energy Holdings Co, a core part of Warren Buffett's sprawling business empire, is becoming a favorite way for the "Oracle of Omaha" to invest the billions of dollars of cash on Berkshire Hathaway Inc's balance sheet. Pages Jaunes shareholders reject Wyser-Pratte board seat PARIS (Reuters) - Shareholders in French directories company Pages Jaunes on Wednesday resoundingly rejected activist investor Guy Wyser-Pratte's attempt to get himself and an ally named to its board as independent directors. Former head of Spain's Caja Madrid sent back into custody MADRID (Reuters) - The former head of Spanish savings bank Caja Madrid has been ordered back into custody by a judge investigating allegations of mismanagement, a Madrid court said, as the hunt for those at fault for the country's banking crisis gains pace. Europe considers new agency to shut failing banks BRUSSELS (Reuters) - Banks under the watch of the ECB that run into difficulty could be shut by a European agency, under a proposal that is set to rouse opposition in euro zone capitals. Related Video Daily Digit: Apple to hire 7,400 by 2016 No straight answers when it comes to the Fed Economic News Companies add more jobs but growth disappoints Economy expanding, but still sluggishly: Fed Beige Book A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend