At The Motley Fool, we know our readers like to be informed. We have scouted out today's most relevant news items and brought them to you all on one page. We hope you find this midday edition informative and useful.
Bank of America could cut 40,000 jobs
In an initial wave of restructuring to cut costs, Bank of America
Google buys Zagat
Internet giant Google
Experts say buying Zagat represents Google's effort to offer more local information. The transaction could hurt competitors like OpenTable, which get their traffic mainly from Google and Yelp. Earlier this year, Yelp and Expedia
And the winner is: Apple
Markets react to Obama's plan
After President Obama's speech, in which he asked Congress to approve a jobs plan that would extend tax cuts, markets fell sharply during early trading. By midday, the S&P 500 had fallen sharply, by 2.5%, while the Dow Jones Industrial Average (INDEX: ^DJI) fell by 2.6% and the Nasdaq dropped by 2.27%. European markets were also down by 2% to 4% by late afternoon. Uncertainty about the measure and whether it would pass piled on top of the euro-related uncertainty already pressuring markets. The fall came despite Obama's proposals for spending on small businesses and tax holidays. The president will deliver the detailed plan to Congress in a week. Read more at The New York Times.
So there you have it, the top financial stories for this afternoon. If you are interested in getting all the news and commentary on these stocks, sign up to My Watchlist here; it's free!
Michelle Zayed doesn't own any stocks mentioned.The Motley Fool owns shares of Google, Apple, Bank of America, and JPMorgan Chase. Motley Fool newsletter serviceshave recommended buying shares of OpenTable, Google, and Apple. Motley Fool newsletter serviceshave recommended creating a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insightsmakes us better investors. The Motley Fool has a disclosure policy.