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The Dow finished down 18 points, making up most of a 150-plus loss earlier in the session. What seemed to turn things around was word that the House would reconvene Sunday night.
LA Biz Observed archive
Mark Lacter covered business, the economy and more here from 2006 until his death on Nov. 13, 2013.
The entire LA Biz Observed archive — more than 10,000 blog posts by Mark —
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December 2012
"Les Misérables" led the way, with $18.1 million in domestic ticket sales. Actually, this is shaping up to be a very strong year for Hollywood, with domestic box office expected to run around $10.8 billion.
Doubtful, at least based on what the major players are saying publicly. As with any negotiation, there's always the chance of some unexpected breakthrough, though at some point all roads must get through the House Republican caucus.
The value of homes in the L.A.-OC County area rose $122 billion in 2012, the biggest cumulative gain of any major metro area in the nation.
"How about if, just once," writes Bruce Feirstein,"the long-suffering black character didn't end up providing wisdom and salvation to the white folk?"
With super-majorities in both the state Assembly and Senate and a fiscal situation that's improving but still iffy, a number of Democrats are introducing legislation that would increase borrowing and make taxing easier.
House Speaker John Boehner sounding desperate in efforts to break budget impasse, consumer sentiment takes a big drop in December, cheap gas in the L.A. area, and Midwest snowstorm complicates travel plans.
The state unemployment rate fell to 9.8 percent in November. It's the first time in almost four years it's dropped below 10 percent.
It's put out a video dated December 22, 2012 that explains why the end didn't happen yesterday the 21st.
Listening to the candidates yammer these past few weeks, you'd be hard-pressed to know that L.A. faces deficits of more than $200 million over the next several years - and that there's really no great way of raising the money.
About half of the 9,744 paid malpractice claims between 1990 and 2010 involved surgeons leaving an object inside the patient.
She's Jill Osiecki, a longtime Amgen employee who wore a recording device under her clothes during a 2005 sales meeting in which a manager quipped, "I hope no one is taping this."
Another upward revision for U.S. economy, L.A. developing from within, Herbalife shares skidding on charges that the company is run like a pyramid scheme, and questionable selection for city ethics panel.
Billings have been up for four consecutive months, and the industry's index is at its highest level in three years.
More bickering in fiscal cliff talks, U.S. to unload its 32 percent stake in GM (but at a loss), L.A. Assessor Noguez to keep receiving salary, and Ovation channel could be the first of several that Time Warner Cable drops.
Within a few years, it's a good bet that solid growth and smaller deficits will be restored. The question is what happens then?
Cerberus Capital Management looked at Freedom Group, one of the nation's biggest makers of guns and ammunition, as more than an investment. Stephen Feinberg, Cerberus's co-founder and CEO, is an avid hunter.
Clear Channel Outdoor is required to remove 79 digital signs in the city of L.A. But rather than go quietly, the company claims that removing the billboards will greatly hurt public safety.
Washington budget talks might be nearing a breakthrough, private equity firm to sell its stake in riflemaker, Nielsen to buy Arbitron in $1.26-billion deal, and options considered for rail route to LAX.
The senator from Hawaii, who has died at the age of 88, broke racial barriers on Capitol Hill and played a key role in the Senate Watergate investigation. But what's sometimes forgotten is his experience in World War II.
Actually, it's the California State Teachers' Retirement System. It invested $500 million into a $7.5-billion fund that helped bankroll the firearms company that makes Bushmaster rifles.
The Santa Monica-based company that's behind the "Call of Duty" franchise would be front and center of any discussion about whether violent video games can lead to violence in real life.
The results for each port were noticeably different: L.A. was down 16 percent, while Long Beach was up 20.8 percent.
Investors believes that Washington will reach a budget compromise, economy expected to grow at a moderate pace in 2013, former IndyMac CEO agrees to pay $1 million as part of a settlement with regulators, and holiday parties are back in business.
No matter what you might read in the coming days, nobody really knows. Lots of theories, but relatively research on the pathology at play.
Peter Eichler and his fund Aletheia are alleged to have steered profitable trades into the firm's own accounts and into the accounts of preferred clients.
Actually, fewer passengers are expected to fly between Dec. 17 and Jan. 6 than during the same period last year. But planes will be just as cramped.
L.A.-area inflation down sharply due to gas prices, KB Home to build condos and detached homes in Playa Vista, Rick Caruso buying retail parcels in Pacific Palisades, and sweatshop practices uncovered downtown.
He said that he only agreed to settle a federal lawsuit for $67.5 million to protect his kids and grand-kids who were being hassled.
Developer apparently has financing to buy the property, as well as handle the upgrades. It would be hard not to improve the place.
Consumers were spending in November, Blue Shield seeks large rate hikes, Geffen donates $100 million to UCLA, and new concourse for Long Beach airport.
The French-based shipping line CMA CGM has purchased a stake in the facility's Pier J, the company's first investment in a port on the West Coast.
The first half of December is normally the time when shoppers take a breather before the final holiday push, but there's no sign of let-up in my neighborhood.
The central bank also says it will continue its bond-buying program into the new year, a decision that has helped boost stock prices.
The basic explanation for what's happening is too much demand, especially in the move-up market, along with too little supply to meet that demand.
It's leading the Central Valley recovery, both because of stepped-up oil production in Kern County and the large number of warehouses and industrial parks in the area.
Fiscal cliff could be having an effect on holiday shopping, Chinese investors will be making more deals in the U.S., L.A. budget official brought into mayoral race, and unusual delays in October at LAX.
Here's the sobering takeaway: "The state's highest-paid employees make far more than comparable workers elsewhere in almost all job and wage categories, from public safety to health care, base pay to overtime."
After a spectacular decade of growth, China has about one million millionaires, along with 100 or so billionaires - and many of those folks are looking for places to put that money.
News Corp. CEO Rupert Murdoch plans to take a close look once the properties become available, Bloomberg reports.
U.S. bailout of AIG results in $23 billion profit, FedEx has its busiest day in history, DirecTV adds sports surcharge, and more troubles for Boeing's 787.
You promise to bring in business and we'll give you a tax break or free land or some other giveaway. But there is virtually no connection between incentives and economic performance.
A three-judge panel ruled that two sign companies should not have been allowed to convert their existing billboards to electronic formats.
Census Bureau says that 562,343 Californians moved to other states during 2011, while 468,428 residents of other states moved to California.
L.A.-based airplane leasing firm sold to Chinese, Amgen acquires gene research firm, electric car maker Fisker is looking for investors, and Disney cruise line gives up on West Coast.
TWC has shown a willingness to spend big bucks on sports programming - it cut a $3 billion deal with the Lakers - but this one might be over the top.
U.S. adds 146,000 jobs in November, consumer sentiment takes big dip, make-up work at the ports, and cops avoid layoffs.
Consider what might happen if dockworkers and shipping companies from East Coast ports can't come to terms by Dec. 29, when the existing contract expires.
The famous and wealthy bond trader is not much for nuance and so when it came time to mark the three-year anniversary of his firing from the giant TCW Group, he chose a special place.
More Californians say state is moving in the right direction, Inland Empire shows signs of a turnaround, factors leading to port settlement, and another smash for Activision.
Could have been the high ticket prices, good - but not spectacular - word of mouth, or the fact that Hollywood remains a work in progress as far as being a true cultural destination.
It was pretty bad - frankly, some of the worst local business reporting I've seen in a while. There's a lot to find fault with, but it starts with the one number that has dominated news reports (and was parroted by local officials).
Proposition 30 expected to dampen growth, Hurricane Sandy slowed hiring in November, majority of L.A. voters favor medical marijuana use, and Starbucks to add 1,500 stores.
British parent Tesco is ready to sell or close the El Segundo-based chain's 199 stores in what has proven to be a very costly ($1.6 billion) and unsuccessful effort to break into the American market.
Ships have been lining up outside the port complex for days, while other vessels were diverted to ports in Oakland and Ensenada.
The video subscription service has grabbed the rights to show Disney movies ahead of the pay channels - the first time one of the major studios has bypassed HBO, Starz or Showtime.
Union spokesman Craig Merrilees tells KNX that "We're making real progress" and that an agreement could come soon.
Villaraigosa enters port talks but no sign of a breakthrough, lukewarm support for proposed sales tax hike, racial bias found at Wet Seal, and Time Warner Cable looks at marginal channels.
As union representatives and shipping operators met over the weekend, more ships are expected to arrive outside the L.A.-Long Beach port complex in the next couple of days.
Many questions to sort out after Friday's unexpected announcement that "Iris" will shut down "Iris" on Jan. 19.
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.The multi-talented Mark Lacter
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