NEW YORK (AP) — Traders are adjusting their portfolios after an optimistic statement from the Federal Reserve. Major stock indexes ended with a slight loss yesterday after the Fed announced that it is ending its big bond-buying program because the economy no longer needs as much help. The S&P 500 fell nearly 3 points on Wednesday. The Dow dropped 31 and the Nasdaq lost 15 points.
WASHINGTON (AP) — The government will report on how many people made jobless claims last week and it will reveal the third-quarter gross domestic product. Also today, Freddie Mac will release the weekly mortgage rates. Four companies will release quarterly earnings as well: Altria and Mastercard report before the market opens. Starbucks and LinkedIn report after the closing bell.
SEOUL, South Korea (AP) — Samsung Electronics Co. has admitted making a mistake in its smartphone strategy and is pledging to overhaul its handset lineup after profit from those devices tumbled last quarter to the lowest in more than three years.The South Korean company, which climbed from smartphone laggard to top seller in the past three years, had prided itself on responding quickly to market demand and an ability to tailor handsets to the needs of users and mobile carriers around the world.
BEIJING (AP) — China says it will ease restrictions on credit cards in a move that might give Visa, Mastercard and other foreign competitors greater access to the Chinese market. A Cabinet announcement late yesterday says that foreign companies will be allowed for the first time to apply to set up credit card clearing operations in China.
DETROIT (AP) — U.S. auto safety regulators are telling a company that made faulty air bags to manufacture replacement parts faster and do more testing to find out what’s causing the problem.The National Highway Traffic Safety Administration, under fire for its slow response to safety issues, has sent letters to Japanese air bag maker Takata Corp. and 10 automakers seeking information about air bags.
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