NEW YORK (AP) — Stock indexes are stuck in a tight range in early trading as investors consider a mixed batch of company earnings. Facebook slumped 7 percent after the company warned investors that it will spend significant amounts of money next year on its work force and developing its services. Orbital Sciences plunged 14 percent after its unmanned rocket bound for the International Space Station exploded moments after liftoff late Tuesday. Videogame maker Electronic Arts rose 5 percent after its earnings came in ahead of analysts’ estimates.
WASHINGTON (AP) — Traders are anxiously awaiting the results of a meeting of the Federal Reserve in Washington, where officials have been weighing whether it’s time to change monetary policy. The Fed is expected to announce the end of its monthly bond buying program. It’s also expected to signal that it remains in no hurry to raise its key short-term interest rate. The discussions will wrap up with a statement on the Fed’s decisions in early afternoon.
DETROIT (AP) — Chrysler is recalling more than 566,000 SUVs and trucks because malfunctioning fuel heaters can cause fires, or a software glitch can disable the electronic stability control. The larger of two recalls announced today covers almost 382,000 Ram 2500 and 3500 pickups and Ram 4500 and 5500 chassis cabs from 2010 through 2014. The second recall covers more than 184,000 Jeep Grand Cherokee and Dodge Durango SUVs from 2014. A debris cover over a circuit board can disrupt communications and disable the stability control.
SAN FRANCISCO (AP) — A Silicon Valley startup is hoping the transition to smarter credit and debit cards will persuade millions of U.S. merchants to buy savvier payment terminals for their stores, too. Stores must be equipped to handle payment cards with computer chips by October of next year to avoid financial liability for fraudulent transactions. That’s where Poynt comes in. It’s a versatile terminal that can process cards with chips as well as magnetic strips and can also process sales through wireless systems such as Apple Pay, Google Wallet and Bluetooth.
NEW YORK (AP) — Developer Larry Silverstein has secured the funds to build his long-planned 3 World Trade Center, 13 years after 9/11 forever changed the New York skyline. Silverstein has sold $1.6 billion worth of tax-exempt bonds, paving the way for construction of the tower by 2018. The 1,170-foot tower would be the third to be constructed on the 16-acre site. Silverstein has so far signed up one tenant for the 2.5-million-square-foot building, advertising firm GroupM.
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