NEW YORK (AP) — Stocks are falling in afternoon trading on Wall Street, as investors mull over a Federal Reserve policy statement and a mixed batch of corporate earnings results. Facebook stock slumped after its chief financial officer said expenses could rise sharply next year. Orbital Sciences plunged 15 percent after its unmanned rocket bound for the International Space Station exploded moments after liftoff yesterday.
WASHINGTON (AP) — The Federal Reserve plans to keep a key interest rate at a record low to support a U.S. job market that isn’t fully healthy and help lift inflation from unusually low levels. In a statement ending a policy meeting, the Fed reiterates its plan to keep its benchmark short-term rate near zero “for a considerable time.” As expected, it’s also ending a bond purchase program that was intended to keep long-term rates low.
ATLANTA (AP) — UPS expects to deliver more than 34 million packages on the busiest day of the holiday season, which it expects will be Monday, Dec. 22. That’s double the amount on a normal day. UPS predicts it will handle 585 million packages in December, 11 percent more than the same month last year. Rival FedEx expects a busy holiday season too, with December shipments up 8.8 percent from last year.
DEARBORN, Mich. (AP) — Ford is recalling about 205,000 SUVs in cold-weather states and parts of Canada to fix gas tanks that can rust, leak and cause a fire. The recall affects Ford Edge and Lincoln MKX vehicles from the 2007 and 2008 model years. The company says it traced the problem to rust under some mounting brackets in areas where salt is used to clear snow from the roads. Ford said that it knows of one fire due to the problem, but no crashes or injuries.
FORT WORTH, Texas (AP) — RadioShack has hired former Treasury Department adviser Harry J. Wilson to help with its turnaround efforts. The struggling consumer electronics retailer says Wilson will serve as chief revitalization officer, reporting to its board and CEO. Wilson previously served as a senior adviser in the Treasury Department and was a senior member of the Auto Task Force, which was responsible for the Treasury’s role in the restructuring of General Motors and Chrysler.
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