NPR's business news starts with a dive on Wall Street. Just this minute, the Dow Jones Industrial Average is down about 317 points. It's considered the worst drop of the year, so far. We're a little bit before noon in New York City. What's going on? We're going to try to find out. We're joined now by DavidWessel, economics editor of The Wall Street Journal. And David, as best you can determine, what's driving the drop?
More than an hour before taking the stage to formally announce his re-election, @Barack Obama tweeted his victory. He wrote, "This happened because of you." Obama was one of millions of people who tweeted on Election Day. Traffic on the social networking site peaked at 11:19 p.m. Tuesday when the TV networks called the race.
The economy has been a central issue in this presidential election, but it has been improving little by little. In the end, President Obama handily rolled to reelection, pledging, last night, to complete the country's recovery. For more, we turn to economic correspondent John Ydstie. Good morning.
JOHN YDSTIE, BYLINE: Hi, Renee.
MONTAGNE: Now, the weak economy was what Republicans hoped would unseat the president and that did not happen. What are the reasons for that?
For months, Americans have been watching the presidential political drama play out nightly on the news. Now, with President Obama's victory, that story is ending.
But for the economy, an action thriller is just beginning.
Congress has just weeks to jump to the rescue of an economy moving closer and closer to the so-called fiscal cliff. That phrase refers to a $600 billion cluster of automatic spending cuts and tax hikes — all coming together at year's end.
Exit polls showed the economy was Issue No. 1 with voters in this presidential election. And it didn't take long for labor organizers and business leaders to start offering their thoughts on the re-election of President Obama.
Because of White House policies, the U.S. economy is "beginning to pick up steam," AFL-CIO President Richard Trumka said in a statement. He cheered Obama's win and put congressional Republicans on notice that Democrats will focus on "ending the Bush tax cuts for the rich and opposing any cuts to Social Security, Medicare, or Medicaid benefits."
Originally published on Tue November 6, 2012 12:03 pm
Severe weather could be headed for regions hard hit by superstorm Sandy, so many homeowners are scrambling to make repairs. The rush might make them vulnerable to so-called storm chasers — con artists posing as contractors. Host Michel Martin speaks with Angie Hicks, founder of the website Angie's List, for tips on how to avoid home repair scams.
NPR's business news starts with Suzuki pulling out of the U.S.
Japan's Suzuki Motor Corporation has been selling cars in America for almost three decades. But unlike Toyota or Honda, it never managed to win over masses of American consumers. The company has the smallest American market share among the big Asian automakers. And when its current inventory runs out the company will no longer sell cars here at all. It will file for Chapter 11 bankruptcy protection instead.
Eastman Kodak received approval yesterday to end retiree benefits by year's end. The ruling in a New York State court will save the company millions as it emerges from bankruptcy. It will also mean higher health care costs for thousands of retirees and their families.
Carlet Cleare of member station WXXI reports.
CARLET CLEARE, BYLINE: Retiree Alyce Hahn says Kodak's decision and yesterday's court ruling has left her with a sense of betrayal.
Millions of Americans stand in line today to vote. Last night, thousands of Americans lined up to buy one of the most anticipated new video games of the year. "Halo 4" is the latest installment of the popular franchise for the Microsoft Xbox 360. Some younger gamers refer to "Halo" as their "Star Wars," a cultural touchstone. Now, after a five-year hiatus, the game's hero - the Master Chief - returns.