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Business News


Markets threw a taper tantrum yesterday as the Federal Reserve continued doing what they said they would do and slow the pace of liquidity being added to our economic system. In addition foreign currency worries – that were not even on the radar screen a couple weeks ago – have traders wringing their hands. (Fox Business News)

The first look at fourth quarter GDP says the economy grew 3.2%, in line with expectations.  Declining Federal spending of 4.9% was a drag. (Department of Commerce)

The big brown truck – UPS – posted profits about 6% lower than last year in the fourth quarter on sales that were almost 3% higher.  During the quarter the company delivered an average of 20 million packages per day.  At the peak on December 23rd they delivered 31 million packages. (theflyonthewall.com)

The world’s largest publically traded company – Exxon Mobil – said profits dropped 16% during the last quarter to $8.35 billion.  Their total oil and natural gas production fell 1.8%. (Reuters)

In 2010 the federal government allowed American to make tax free charitable contributions up to $5 million.  With that Americans opened their wallets making record gifts of $122 billion in 2012 more than 4 times the amount the year before. Most of the gifts, $84 billion came in gifts exceeding $1 million and were made by fewer than 30,000 people. (Bloomberg)  
 


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