Fallout of Detroit bankruptcy

Government bondholders, retired Detroit workers and other local governments all are likely to experience fallout from the Motor City filing for bankruptcy Thursday, reportsBloomberg. CNN Money also reports that the city-owned Detroit Institute of Art may will have to consider selling its masterpieces as a result of the bankruptcy.

 

Moody's rating service raises U.S. government outlook

Moody's Investors Service Inc. on Thursday raised the U.S. sovereign outlook to stable from negative and affirmed the country's triple-A rating, citing steady growth despite reduced government spending, according to Reuters.

 

Buying an iPhone? Customers head to Verizon store

Verizon Wireless, America's largest cellphone carrier, activated 3.9 million iPhones during the second quarter, about 44 percent more than the same quarter in 2012, reports CNN Money. That's about half of all the smartphones Verizon sold during that time.