NEW YORK - Stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.
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Recent Business News
- Stanley Fischer, who led the Bank of Israel for eight years until he stepped down in June, has been asked to be the Federal Reserve's next vice chair once Janet Yellen takes over as chief of the U.S. central bank, a source familiar with the issue said on Wednesday.
- Standard & Poor's on Wednesday said Facebook Inc will join its S&P 500 stock index after the close of trading on December 20, cementing the social media network's rise into one of the biggest, most powerful U.S. companies.
DETROIT - With General Motors Co in recent days setting in motion big changes around the globe, the focus for new Chief Executive Mary Barra and her team will be making cars and trucks that prove popular enough to help end losses in Europe, analysts said.
- JPMorgan Chase & Co CEO Jamie Dimon said on Wednesday he was thankful congressional leaders had reached a budget deal and was "less worried" about the impact of an eventual scaling back of the Federal Reserve's market-friendly stimulus measures.
Today, GM announced its new CEO will be Mary Barra, the company's current head of global product development.