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Friday, December 28, 2012

Business Today: Wall Street ends sour week with 5th straight decline

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12/28/2012

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

Wall Street ends sour week with 5th straight decline

NEW YORK (Reuters) - Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight.

Housing, factory data point to momentum in economy

WASHINGTON (Reuters) - Contracts for U.S. home resales hit a 2-1/2-year high in November and factory activity in the Midwest expanded this month, suggesting some strength in the economy despite the threat of tighter fiscal policy.

Analysis: Cliff may be a fear, but debt ceiling is much scarier

(Reuters) - Investors fearing a stock market plunge if the U.S. tumbles off the "fiscal cliff" next week may want to relax.

Insight: Under siege, Japan central bank wakes up to political reality

TOKYO (Reuters) - Within a day of Shinzo Abe's Liberal Democratic Party sweeping to power in elections this month, elite bureaucrats in Japan's central bank rushed to ready what amounted to a surrender offer.

Lockheed, U.S. agree early funding deal for more F-35s: sources

WASHINGTON (Reuters) - Lockheed Martin Corp and the U.S. Defense Department have reached an agreement freeing up preliminary funding for production of a sixth batch of F-35 Joint Strike Fighters, according to two sources familiar with the negotiations.

Apple to drop patent claims against new Samsung phone

SAN FRANCISCO (Reuters) - Apple Inc has agreed to withdraw patent claims against a new Samsung phone with a high-end display after Samsung said it was not offering to sell the product in the crucial U.S. market.

Auto sales to end year strong, "fiscal cliff" may weigh

DETROIT (Reuters) - U.S. auto sales are expected to show a rise of 9 percent for December, capping off the best year for the industry since 2007, fueled by easier access to credit, rising home prices and pent-up demand.

First Tennessee, BBVA unit took big Fed loans in late 2010

WASHINGTON (Reuters) - First Tennessee Bank and a U.S. affiliate of Spanish bank BBVA were among the largest borrowers from the Federal Reserve's emergency lending program in late 2010, according to data released on Friday.

News Corp buys regional sports channel in Ohio

(Reuters) - News Corp said on Friday it bought SportsTime Ohio, a Cleveland-based regional sports network that broadcasts Cleveland Indians baseball games.

Fisker sues XL over hybrid cars wrecked by Superstorm Sandy

NEW YORK (Reuters) - Fisker Automotive has sued XL Group Plc after being denied insurance coverage over flooding from Superstorm Sandy that destroyed 338 of its Karma plug-in hybrids, worth about $33 million, at a Port Newark, New Jersey, shipping facility.