U.S. stocks end slightly lower for a second day
NEW YORK - Major U.S. stock indexes finished modestly lower Tuesday as a thin slate of economic news and corporate results left investors unwilling to drive up a market that hit three highs last week.
A few companies grabbed headlines for posting poor results or consummating long-running merger talks. But the broader market barely budged for much of the day, then closed slightly lower.
The Dow Jones industrial average fell 67.43 to 16,351.25. The S&P 500 index declined 9.54 to 1,867.63. The Nasdaq composite slid 27.26 to 4,307.19.
Feds want more 401(k) retirement disclosures
WASHINGTON - The Labor Department wants financial services companies that administer 401(k) retirement plans to do a better job explaining just what fees and expenses are attached to those plans.
The rule would update one from 2012. Officials say many disclosure forms offered since then have become too lengthy, complex and confusing. The department says employers who offer such plans need a better "road map" of embedded charges and fees.
Ageny official Phyllis Borzi says the goal is to do something that's helpful to plan sponsors, to those who run the plans and the participants, and not yet be overly burdensome.
There is a public comment period of 90 days. Then, the department will hold focus groups on the proposed new rule with those from financial firms offering such plans.
EBay CEO Donahoe's total pay for 2013 sinks
SAN FRANCICSO - EBay CEO John J. Donahoe's total compensation for 2013 plunged 53 percent compared with 2012, when the e-commerce company gave its leader more than $23 million in stock awards.
The company, which is sparring with investor Carl Icahn over board seats and its future direction, also gave Donahoe, 53, and other executives a lower-than-targeted incentive payment earlier this year. It noted that eBay missed financial targets last year, according to a regulatory filing.
U.S. employers posted more open jobs in Jan.
WASHINGTON - U.S. employers advertised slightly more jobs in January than in December, a sign that hiring should remain steady in coming months.
The Labor Department said Tuesday that employers posted 3.9 million job openings, up 1.5 percent from December. That is still below November's nearly six-year high of 4.1 million, the first month that openings topped 4 million since March 2008.
There are about 2.6 unemployed Americans, on average, for each open job, the report shows. That's close to the ratio of 2 to 1 that is typical of healthier economies.
Global growth forecast likely to remain tepid
PARIS - A leading international economic body is warning global growth is likely to remain sluggish as a slowdown in the developing world undercuts gains in Europe and the United States.
The Organization for Economic Cooperation and Development says in an update to November's World Economic Outlook that developed economies are suffering a temporary slowdown, mainly due to one-time factors like the harsh winter weather in North America. But it said the underlying trend is one of growth.
The OECD said that emerging markets, by contrast, "are experiencing a marked loss of momentum."
DuPont issues caution on 1st-quarter results
NEW YORK - Chemicals maker DuPont says its first-quarter results could be hurt by extended cold weather and winter storms in North America and turmoil in Ukraine.
DuPont also says uncertain farming conditions may affect its results. The company, which makes the high-strength fabric Kevlar at a Goose Creek plant, did not quantify the effect of those factors.
Staff and wire reports