Housing starts fell 2.8 percent to a 1.009 million-unit pace in October thanks to a 15.4 percent plunge in the volatile multi-family homes part of the market. But housing starts for US single-family homes increased for a second straight month, suggesting housing the market was still on a recovery path.
Warren Buffett's Berkshire Hathaway said it would buy Procter and Gamble's Duracell battery business in exchange for its entire $4.7 billion stake in the household products maker. Buffet said in a statement that he's always been 'impressed' by Duracell, and shares of P&G fell 1 percent in early trading.
Macy's reported a 23 percent increase in its fiscal third quarter but cut its annual profit outlook because of a sales shortfall in the period. Macy's is the first of the major retailers to report Q3 results, which should provide a glimpse into shoppers' mindset as the retail industry gears up for the critical holiday shopping season.
US British and Swiss regulators have fined five global banks $3.4 billion for attempting to manipulate foreign exchange markets — the latest penalties for an industry previously criticized for their role in triggering the global financial crisis. The Justice Department is conducting their own investigations and further penalties are possible.