Stocks bouncing around: A mixed market, with Apple taking a hit and financials on the plus side. Dow is up a few points.
Economic effects of Prop 30: The tax-raising initiative will dampen growth in California, according to the latest UCLA Anderson Forecast, but not enough to threaten the state recovery. From the Contra Costa Times:
Because of Prop. 30, California in the coming year will add payroll jobs more slowly, the statewide jobless rate will improve less quickly, and personal income won't be as robust as originally predicted, according to the forecast. But despite the uncertainties, California remains on track for economic growth and more jobs. While lowering its forecast slightly for 2013, the Anderson Forecast revised its forecast upward for 2014, Nickelsburg said. "The state has turned the corner," said Edward Leamer, director of the forecast.
Citigroup cuts 11,000 jobs: That's about 4 percent of the total workforce, with the consumer banking unit taking the brunt of the hit. (AP)
Sandy slowed hiring: U.S. businesses added 118,000 jobs in November, according to ADP, but the number would have been larger were it not for the destructive storm. The government's employment report, which comes out on Friday, is expected to reflect Hurricane Sandy's impact. (AP)
Starbucks to add 1,500 U.S. stores: The five-year plan to be announced today also includes a major overseas expansion, especially in China. (AP)
Favoring medical marijuana: A majority of L.A. voters say they would support cultivation, prescription, and distribution, according to a poll by Loyola Marymount's Center for the Study of Los Angeles. (LA Weekly)