TOP STORIES
OBAMA SAYS CUBA, U.S. NOT SERVED BY ONGOING EMBARGO
President Barack Obama said that the United States will begin to
normalize relations and establish diplomatic ties with Cuba, ending
many restrictions that have been in place for five decades.
U.S. STOCKS HIGHER ON ENERGY BOOST AHEAD OF FED DECISION
U.S. stocks rose, lifted by a rally in energy shares, as
investors awaited the Federal Reserve's monetary-policy statement.
The Dow Jones Industrial Average gained 160 points.
FEDEX PROFIT RISES LESS THAN EXPECTED
FedEx 2Q earnings increased less than expected, though it
benefited from higher volumes and margins. It said aircraft
maintenance expenses were a drag on its bottom line. FedEx earned
$616 million, or $2.14 a share. Analysts expected $2.22 EPS. Shares
fell 5%.
OIL DRIVES BIG DECLINE IN U.S. INFLATION
U.S. consumer prices fell in November at the steepest rate in
almost six years. The CPI fell a seasonally adjusted 0.3% from
October. Excluding food and energy costs, core prices rose 0.1%.
Economists predicted a 0.1% drop in overall prices and a 0.1%
increase in core prices.
U.S. OIL PRICES RISE OFF MULTIYEAR LOWS
Oil prices rallied as traders closed out positions following a
dramatic plunge in prices in recent months. January Nymex crude
recently rose $2.12, or 3.8%, to $58.05 a barrel.
RUBLE STRENGTHENS AFTER CENTRAL BANK ACTS
Russia's battered ruble recovered some of its recent losses
against the dollar as the market welcomed measures by the Bank of
Russia to shore up the country's banks, and the Finance Ministry
said it would start selling its excess foreign currency
holdings.
BLACKBERRY LAUNCHES NEW PHONE
BlackBerry unveiled a new device meant to appeal to the
smartphone maker's traditional customers with signature BlackBerry
phone features like a physical keyboard and trackpad.
NEARLY $600 MILLION MORE COMING TO MADOFF VICTIMS
Nearly $600 million worth of settlements to benefit victims of
Bernard Madoff's massive Ponzi scheme won the blessing of a
bankruptcy judge.
ONDECK CAPITAL SURGES ABOVE $20 IPO PRICE
Shares of web-based small-business lender OnDeck Capital opened
at $26.50, 32.5% above their initial public offering price. The
stock recently traded at $27.08 on the New York Stock Exchange.
EU CONSIDERS UBER REQUEST TO BLOCK FRENCH TAXI LAW
The European Union is considering Uber's latest legal maneuver
to block a new French law that could upend how the company
operates, by giving the French government the power to block Uber's
lowest-cost services.
GENERAL MILLS SALES SLIP
General Mills said its 2Q sales fell amid continued weakness in
the U.S. food industry and slowing growth in emerging markets.
Earnings topped the company's outlook, while sales fell below
analysts' projections. Net sales fell 3.4% to $4.71 billion;
analysts projected $4.79 billion.
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Real Time Economics
FED UNLIKELY TO REACT AGGRESSIVELY TO RUSSIA TURMOIL
The Fed's inclination is to keep a steady and transparent hand,
and avoid lurching in its communications and policy decisions. That
suggests it won't react aggressively to Russia's currency turmoil,
Jon Hilsenrath says.
Real Time Economics
WEALTH GAP BETWEEN RICH, MIDDLE CLASS WIDEST ON RECORD
The typical affluent family in America now has nearly seven
times the wealth of a middle-income family, the biggest wealth gap
in three decades, according to a new analysis by Pew Research
Center.