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Wednesday, December 4, 2013

Business Today: Dow, S&P 500 drop for fourth straight day; Fed a concern

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12/4/2013
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 500 drop for fourth straight day; Fed a concern
NEW YORK (Reuters) - The Dow and the S&P 500 finished lower for the fourth consecutive session on Wednesday after investors found few reasons to make big moves, with uncertainty remaining over when the Federal Reserve will start to slow its stimulus.
Upbeat U.S. data points to growth momentum
WASHINGTON (Reuters) - U.S. private-sector hiring rose in November at the fastest clip in a year, opening the door wider for the Federal Reserve to start trimming its bond purchases within the next few months.
Billionaire investor Icahn steps up pressure on Apple
SAN FRANCISCO (Reuters) - Billionaire investor Carl Icahn said on Wednesday that he has filed a shareholder proposal with Apple for a much smaller stock buyback plan than he has advocated previously, as he continued to pressure Apple to share more of its cash pile.
Wall Street groups contest CFTC cross-border guidelines
WASHINGTON (Reuters) - Three Wall Street trade groups sued the U.S. Commodity Futures Trading Commission on Wednesday to rescind tough overseas trading guidelines they fear could hurt markets and cut profits.
Fifth Third settles SEC charges over financial crisis accounting
(Reuters) - Fifth Third Bancorp, a large U.S. midwest regional bank, agreed to pay $6.5 million to settle U.S. Securities and Exchange Commission charges that it accounted improperly for troubled commercial real estate loans during the 2008 financial crisis, reducing its reported loss.
Barrick says Munk to step down, two other directors out
TORONTO (Reuters) - Barrick Gold Corp confirmed on Wednesday that 86-year old chairman and founder Peter Munk will leave the board at the gold miner's next annual meeting in the spring, and announced two other departures from its board.
Electronic filing by taxpayers hits new high: IRS
WASHINGTON (Reuters) - A record-setting 122.5 million U.S. tax returns were filed electronically this year, up from 119.6 million last year, said the U.S. Internal Revenue Service on Wednesday.
Exclusive: U.S. plans new bank fraud cases in early 2014 - attorney general
WASHINGTON (Reuters) - The U.S. Justice Department plans to bring mortgage fraud cases against several financial institutions early in 2014, using as a template the case that ended last month in JPMorgan Chase & Co's $13 billion settlement, U.S. Attorney General Eric Holder said on Wednesday.
American Airlines launches repricing effort
NEW YORK (Reuters) - American Airlines is seeking to reprice its $1.9 billion exit financing loan via lead arranger Deutsche Bank, sources told Thomson Reuters LPC. The company aims to reprice the loan to a spread of LIB+300-325, with a 1 percent Libor floor.
Exclusive: Morgan Stanley, UBS hired to run Applus+ IPO - source
LONDON/MADRID (Reuters) - The private equity owner of Applus+ has picked Morgan Stanley and UBS to oversee a stock market listing of the Spanish industrial testing firm, a person familiar with the matter said on Wednesday.
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