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: As Fed looms, Morgan Stanley sets sale of U.S. oil terminal business
- Centerbridge Partners offers to buy LightSquared for $3.3 billion: WSJ
- Hilton Worldwide raises over $2.3 billion in biggest-ever hotel IPO
- Israel's Fischer picked to be next Fed vice chair: source
- Facebook to join S&P 500
Recent Business News
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.
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.
NEW YORK - Berkshire Hathaway Inc's BNSF Railway Co has moved Chief Executive Matthew Rose to an executive chairman role, renewing speculation he might be in line to replace Warren Buffett at Berkshire's helm.
Today, GM announced its new CEO will be Mary Barra, the company's current head of global product development.