NEW YORK -- A warning from Fitch Ratings that large U.S. banks could be hit hard if Europe's debt crisis spreads sent stocks on a downward spiral late Wednesday.
Fitch, with S&P and Moody's one of the three main credit rating agencies, said U.S. banks could be "greatly affected" if Europe's debt crisis continues to spread. Large banks took a late dive.
--The Dow Jones industrial average fell 190.57, or 1.6 percent, to 11,905.59.
--The S&P 500 index fell 20.89, or 1.7 percent, to 1,236.92.
--The Nasdaq composite fell 46.59, or 1.7 percent, to 2,639.61.
Georgia governor says he favors S.C. harbor project
States with ports, instead of bickering as they have in the past, are going to have to work together to get federal money for harbor-deepening projects, U.S. Sen. Lindsey Graham said Tuesday.
"At the federal level we're either going to rise together or die together," the South Carolina Republican told hundreds of representatives of Charleston's maritime industry.
On Wednesday, Georgia Gov. Nathan Deal reiterated support for deepening the Charleston Harbor. That pledge came just a few days after South Carolina approved a water quality permit for the deepening of the Savannah River, a permit that has brought objections from some South Carolina officials and could lead to a lawsuit.
The $600 million deepening project will help Georgia handle the larger ships that will come calling once the Panama Canal is widened in three years.
"We see the Port of Savannah deepening as a boon to the economy of the Southeast, not just Georgia. This is a regional effort; that's why we give our support to deepening the Port of Charleston," Deal said.
TD Bank to create 1,600 jobs in state over next 5 years
GREENVILLE -- TD Bank announced plans Wednesday to put a regional hub in Greenville and create 1,600 new jobs in South Carolina over the next five years in one of the largest job announcements in the state in recent years.
Company officials said the bank is expanding its corporate offices off Interstate 85, adding 1,400 jobs there and 200 jobs in Lexington. Currently, 160 people work at the Greenville campus. The bank acquired Greenville-based South Financial Group last year.
U.S. airline group sues bank over Boeing loans
WASHINGTON -- A lawsuit backed by U.S. airlines aims to block loan guarantees for Air India to buy planes made by Boeing. The lawsuit shows how U.S. airlines increasingly view foreign carriers as direct competitors.
The lawsuit was filed Wednesday by the Air Transport Association. It said the Export-Import Bank of the U.S. plans to guarantee up to $3.4 billion in loans for Air India to buy Boeing planes.
The bank guarantees loans that help U.S. firms doing business abroad. The U.S. airlines said the guarantees allow foreign airlines to save money, resulting in unfair competition. The bank said the lawsuit is without merit.
Boeing is a major employer in the Charleston region.
Solid spending nudges up net income at Target
NEW YORK -- Target reported a 3.7 percent increase in third-quarter profits Wednesday, helped by solid spending and improvement in its credit card business.
The discounter said it earned $555 million in the three-month period ended Oct. 29. Revenue rose 5.4 percent to $16.05 billion.
Sales at stores open at least a year -- an indicator of a retailer's health -- rose 4.3 percent.