Slight loss for stocks after a choppy day
NEW YORK - The U.S. stock market ended slightly lower Tuesday after a choppy trading session. Major indexes moved between small gains and losses for much of the day, then drifted lower in the last hour.
Traders were discouraged by a surprisingly large drop in consumer confidence in February. The worst drops were in areas affected by the extreme cold weather and storms of the past few weeks.
Also, while Home Depot reported better-than-expected results, it was affected by the recent winter storms.
The Dow Jones industrial average lost 27.48 to close at 16,179.66. The S&P 500 fell 2.49 to 1,845.12. The Nasdaq composite fell 5.38 to 4,287.59.
JPMorgan Chase to cut 8,000 positions in 2014
NEW YORK - JPMorgan Chase plans to eliminate 8,000 jobs this year as its mortgage business shrinks and as the giant bank aims to control costs.
About half those job cuts already had been announced. JPMorgan now plans to cut more jobs as it tries to reduce $2 billion in consumer banking expenses by the end of 2016.
The new job cuts include reductions in the bank's mortgage and retail banking businesses. The bank also cut 16,500 jobs last year in those areas.
The bank plans to reduce the size of its branches as customers increasingly bank online or use ATMs. U.S. home prices slide for 2nd straight month
WASHINGTON - U.S. home prices fell for the second straight month in December as cold weather, tight supply and higher costs slowed sales.
The Standard & Poor's/Case-Shiller 20-city home price index declined 0.1 percent from November to December, matching the previous month's decline.
For all of 2013, however, prices rose by 13.4 percent, mostly because of big gains earlier in the year. Charleston is not part of the index.
Parks at Disney World are raising ticket prices
LAKE BUENA VISTA, Fla. - The cost of going to the Magic Kingdom at Walt Disney World just got more expensive.
Disney World has raised the one-day ticket price to the Magic Kingdom by $4 so that it now costs $99 before taxes for visitors over age 9.
Single-day tickets for the resort's other parks - Epcot, Disney's Hollywood Studios and Animal Kingdom - also went up by $4. It now costs $94 to get into those parks for visitors over age 9.
For children under age 10, the cost is $93 to get into the Magic Kingdom and $88 to enter the other parks. Disney visitors can buy multi-day tickets, which are cheaper per day.
Office Depot's 4Q loss grows to $144 million
BOCA RATON, Fla. - Office Depot's fourth-quarter loss grew as expenses jumped for the office supply retailer while it worked to integrate OfficeMax Inc., an acquisition it completed in the quarter.
The company said Tuesday that it lost $144 million in the three months that ended Dec. 28, versus a loss of $17 million a year earlier. Revenue jumped 33 percent to $3.49 billion. Analysts expected $4.07 billion.
Combined, Office Depot and Office Max have four stores in the Charleston region.
Staff and wire reports