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.
- Exclusive: Morgan Stanley launches sale of U.S. oil terminal business
- Israel's Fischer picked to be next Fed vice chair: source
- Hilton Worldwide raises over $2.3 billion in biggest-ever hotel IPO
- Analysis: With heavy lifting done, GM's focus turns to cars, fixing Europe
- JPMorgan's Dimon upbeat about budget deal, economy
Recent Business News
LONDON - PSA Peugeot Citroen's board has approved a plan for an alliance with Dongfeng in which the Chinese carmaker and the French state would buy large minority stakes at a 40 percent discount to Peugeot's current share price, a source familiar with the matter said.
WASHINGTON - Royal Bank of Scotland Group Plc will pay $100 million to resolve U.S. probes into the bank's dealings with Sudan, Iran, and other sanctioned countries, U.S. authorities said on Wednesday.
NEW YORK - The government's star witness in its insider trading case against SAC Capital Advisors' Michael Steinberg faced a final day of questioning on Wednesday, as lawyers sparred over whether he was a credible cooperator or a liar.
- 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.
Today, GM announced its new CEO will be Mary Barra, the company's current head of global product development.