NEW YORK - Stocks slid on Wednesday after legislators in Washington reached a provisional budget deal, which increased investor expectations that the Federal Reserve may wind down its stimulus in the coming months.
Recent Business News
- Costco Wholesale Corp reported a first-quarter profit that fell short of analysts' estimates, hurt by higher stock-based compensation expenses and spending on technology.
- A federal judge said General Motors Co is not required to pay $450 million to cover medical benefits for retirees, in a defeat for the United Auto Workers union.
SAN FRANCISCO - Microsoft Corp has sold more than 2 million Xbox One video game consoles since its November 22 launch, catching up with rival Sony Corp's PlayStation 4 released a week earlier.
NEW YORK - Some creditors of Freedom Group Inc, maker of the Bushmaster rifle used in the Newtown, Connecticut, school massacre, are willing to offer the company more debt, despite the fact many of its private equity fund investors want out.
Today, GM announced its new CEO will be Mary Barra, the company's current head of global product development.