US FINANCIAL MARKET
- Boeing sent 787 on test flight from Seattle to spend nearly two and a half hours. The 787 is the first commercial airliner to rely heavily on lithium-ion batteries, the same kind used in cellphones. Each plane has two of the 63-pound blue power bricks, one near the front to provide power to the cockpit if the engines stop, and one near the back to start up the auxiliary power unit, which is essentially a backup generator.
- US Airways and AMR are nearing an $11 billion merger that would create the world’s largest airline.
- Tesla fell the most in almost two months after the NYT published a first- person account about a Model S sedan test-drive where cold weather reduced the car’s range between charges.
- U.S. regulators refused to approve Novo Nordisk’s new long-acting insulin Tresiba until it conducts extra tests for potential heart risks. Shares are down almost 15%.
US ECONOMY & POLITICS
- Prices for single-family homes climbed in almost 88% of U.S. cities in the fourth quarter as the housing recovery broadened. The median sales price increased from a year earlier in 133 of 152 metropolitan areas measured, the National Association of Realtors said in a report today.
- Northeast begins digging out after howling storm unloads 1 to 3 feet of snow. More than 650,000 homes and businesses were left without electricity.
EUROPE & WORLD
- Pope Benedict XVI, saying he no longer has the strength to lead the world’s 1.2 billion Catholics, will resign from the papacy at the end of the month, the first such abdication in almost 600 years.
- The OECD said the composite leading indicator (CLI) for its 33 member states rose to 100.4 in December from 100.3 the previous month, its third increase in a row.
- The German economy will gradually regain momentum this year after contracting in the last three months of 2012 as the global economic backdrop improves, the economy ministry said on Monday.
TODAY in HISTORY
- Japan became the fourth country to put a satellite into orbit (1970)
- Ayatollah Khomeini’s followers seized control of the Iran government (1979)
- South African resistance leader, Nelson Mandela, was released from prison after more than 27 years (1990)
Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.
This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.