Borrowing news sinks stocks
A late-day slide broke the stock market's calm Wednesday after concerns grew that shares are overheated. A disappointing drop in consumer borrowing and a slide in oil prices hit a market that analysts said has been looking tired. The Dow Jones industrial average fell 72.47 points, or 0.7 percent, to 10,897.52. The Standard & Poor's 500 index fell 6.99, or 0.6 percent, to 1,182.45, while the Nasdaq composite index fell 5.65, or 0.2 percent, to 2,431.16.
Fajita seasoning recalled
McCormick & Co. Inc. of Sparks, Md., is recalling select fajita seasoning mixes because they contain wheat and milk, which are not listed on the label. This could be dangerous for people with wheat or milk allergies. No incidents have been reported. The packets were sold nationwide beginning in February. Consumers can call 800-632-5847.
The licensing executive behind Cabbage Patch dolls and his wife have snatched up disgraced financier Bernard Madoff's Upper East Side penthouse. The home was on the market for $8.9 million. Patsy Kahn says her husband, Al, "was worried about the karma," but she fell in love with the view of the Manhattan skyline from the 64th Street penthouse. Al Kahn is chairman and chief executive at 4Kids Entertainment Inc., whose properties have included Pokémon and Teenage Mutant Ninja Turtles. Proceeds from the sale will reimburse Madoff's victims.
Treasury chief Geithner to meet with Chinese official
U.S. Treasury Secretary Timothy Geithner will meet with a Chinese vice premier Thursday, amid mounting speculation that Beijing will soon alter the controversial "peg" between its yuan currency and the U.S. dollar. Geithner has come under renewed pressure by some U.S. lawmakers, business leaders and union officials to label China a currency manipulator.
United, US Airways are said to talk about a merger
United Airlines and US Airways are in talks about combining into what would be the nation's second-biggest airline, news services reported Wednesday. The two discussed a merger in 2008, but the effort fell apart. Neither airline would comment on the reports. US Airways lost $205 million in 2009, and revenue fell almost 14 percent to $10.46 billion. UAL lost $651 million, while revenue fell 19.1 percent to $16.34 billion. From wire reports