Price of gold has its worst year since 1981
The price of gold closed out its worst year since 1981 as the U.S. economy improved, inflation remained at bay and worries about the financial system and gridlock in Washington faded. Gold slumped 28 percent in 2013. The price peaked at $1,900 an ounce in August 2011 and has been declining more or less steadily ever since. Traders had bid the price of gold higher partly out of fear that the Federal Reserve's aggressive easy-money policies would lead to inflation and weaken the U.S. dollar. When that didn't happen, demand for gold fell. On Tuesday, the actively traded February contract for gold fell $1.50, or 0.1 percent, to $1,202.30 an ounce. Silver for March delivery declined 24.5 cents, or 1.2 percent, to $19.37 an ounce. Silver also had a bad year, falling 36 percent.
Consumer confidence rises after job gains
U.S. consumer confidence jumped last month on a better outlook for hiring and overall growth, supporting other signs that show the economy could accelerate in 2014. The Conference Board said its index of consumer confidence rose to 78.1 in December, up from 72 in the previous month. November's figure was revised up from 70.4. Consumer confidence is nearly back to where it was before the partial government shutdown in October. Steady job gains and a surging stock market have made Americans more optimistic about the economy and hiring both now and in the next six months. Optimism about the job market is at a five-year high. That is a positive sign for a strong December jobs report, which will be released next week.
Netflix tests $6.99-a-month streaming plan
Netflix is testing new price plans for streaming video as it tries to lure more viewers. Among the plans being tested are a $6.99-a-month plan that allows only one video stream to be watched at once, and a $9.99-a-month plan that allows three streams at one time, whether on a TV, tablet or computer. A Netflix spokesman says not everyone will see the test prices and they may never roll out to all customers. Netflix's standard $7.99-a-month plan allows users to watch video on up to 2 screens at once, including TVs and mobile devices.
HP says layoffs will be at high end of range
Personal computer giant Hewlett-Packard Co. has confirmed that it expects layoffs at the upper end of a range that it outlined earlier this year, with 5,000 more workers than originally planned expected to lose jobs by October 2014. The company said in a securities filing that "continued market and business pressures" were behind the move. The additional cuts, on top of the 29,000 positions it planned to cut in a May 2012 restructuring plan, will likely boost the accumulated restructuring charges to $4.1 billion from $3.6 billion, it said.
Revlon to cut 1,100 jobs as it pulls out of China
Revlon said it is leaving China and cutting 1,100 jobs as part of a cost-cutting measure. Most of the jobs cuts will be in China. Revlon's operations there make up only 2 percent of the company's sales, which have been declining. Global sales fell 1.3 percent to $1.02 billion in the nine months through September, compared with the same period in 2012. Revenue in Asia dropped 3.5 percent to $166.8 during that time. The departure will save the makeup company $11 million a year, Revlon said.
Bombardier confirms orders for 38 more jets
Bombardier Inc. said it has received a firm order for 38 business jets with a combined list price of about $2.2 billion. Bombardier didn't disclose the precise value of the deal — customers such as airlines routinely get discounts from plane manufacturers — and didn't identify the buyer. The Canadian plane maker said the order covered 28 Global jets and 10 Challenger 605 aircraft.
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