The day's business recap
NEW YORK & WASHINGTON (AP) — Wall Street’s key averages were little changed today, capping a negative week. The Dow gained nearly 4 points to 13,107. The S&P 500 fell 1 point, while the Nasdaq added nearly 2 points on the trading session.
One newly released survey shows consumer confidence on the rise this month. The University of Michigan’s final index of October consumer sentiment rose more than 4 points to 82.6 from September. That’s the highest level seen since September 2007 — three months before the Great Recession began.
Economists say today’s report showing a rise in third quarter GDP of 2 percent should be sustained through the end of this year. The increase from a 1.3 percent rate in the second quarter was partly because of more spending by consumers and the federal government.
The price of oil rose slightly amid concern that a massive East Coast storm could affect refinery output. Benchmark crude increased 23 cents to $86.28 a barrel.
Some U.S. airlines are giving travelers a way out if they want to scrap their plans due to Hurricane Sandy. JetBlue, US Airways and Spirit Airlines are offering waivers to customers who wish to reschedule their flights without paying the typical fee of up to $150. The offers cover passengers flying just about anywhere from Latin America to New Hampshire.