Kevin Charles

Business and Money at :25 and :55 Tuesday Preview #Hounews

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Behind the scenes in the News92 FM Newsroom/Photo credit: Brent Clanton

Behind the scenes in the News92 FM Newsroom/Photo credit: Brent Clanton

The Dow starts the day below the 15,000 mark, thanks to Washington’s evolving stance on Syria. Mesirow Financial’s Chief Economist, Diane Swonk, says there’s lots of uncertainty: “Anything with saber rattling is uncertainty, in the extent to which you have any spillover in the situation in Syria with Iran, with Israel, with Jordan,” says Mesirow.
The S&P slipped .4% to close at 1,657.
The Dow dropped .4% to 14,946.
The Nasdaq held steady at 3,658.
Gold spiked 1.28% to $1,411/ounce on renewed nervousness about the Middle East situation.

Gasoline prices around Houston are down another penny overnight to an average of $3.39/gallon for regular unleaded.
The drop in prices seems to be leveling out: ABC’s Alex Stone says, “The federal government reports nationwide on average we’re continuing to pay $3.56 a gallon for regular unleaded – the same as what we were paying a week ago. But some areas are still seeing declines,” says Stone.
A 2-cent drop in California is being offset by a 2-cent gain in the Midwest.

A new 42-story luxury apartment tower is being planned for the Museum District. Tema Development is working on plans for the “Tower at Hermann Place,” with 270 units, spread six to a floor. You can move in sometime in 2015.

J.C. Penney’s largest investor is bailing out: Pershing Square Capital Management’s William Ackman  is selling his 18% stake–over 39-million shares. Ackman resigned from Penney’s board two weeks ago.

Nothing to see here; just move along.
The head of security for the administrator of BP’s multibillion-dollar settlement with Gulf Coast residents and businesses says an internal probe of alleged misconduct by an employee of a Mobile, Ala., claims center hasn’t turned up any evidence of fraud.

JPMorgan has been ordered to pay billionaire Leonard Blavatknik $42.5 million in damages in relation to a soured investment in mortgage-backed securities. New York State Supreme Court Justice Melvin Schweitzer ruled that JPMorgan had breached its contract with Blavatnik’s CMMF fund because it exceeded a 20% cap for mortgage-backed securities in the fund.

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