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October 17, 2011 05:50 AM

Monday Morning Business Brief


Wall Street starts the week on a roll. The Dow is positive for the year and the Nasdaq and the S&P 500 have had their best week since July of 2009. Wall Street rallied Friday on an upbeat retail sales report and surging profits from Google. The Dow was up 166 points at 11,644. The S&P 500 rose 21 points and the Nasdaq climbed 48.
  • The Federal Reserve issues the first of this week's economic reports. Data on September industrial production is expected this morning. On Wednesday, the Fed releases its Beige Book survey of regional economic conditions.
  • Stocks have been advancing in overseas markets today, while oil prices have risen near $88 a barrel. They're getting a boost from Friday's stronger than expected retail sales data and Europe's renewed efforts to contain its debt problems. Finance chiefs from the Group of 20 met over the weekend in Paris and opened the door for a bigger IMF role in fighting the eurozone debt crisis.
  • Greek lawmakers a scheduled to vote on a new round of austerity measures later this week, and the country's unions are making it clear they oppose them. Protesting civil servants are continuing their occupation of the finance and labor ministry buildings, while tax collectors and customs officers have walked of the job. International lenders have demanded the moves in exchange for bailout loans.
  • A federal judge is set to decide whether Pennsylvania's cash-strapped capital can move ahead with a bankruptcy petition. U.S. Bankruptcy Court Judge Mary France will hear arguments this morning in Harrisburg on the filing. She will decide whether the City Council and the lawyer they hired had the authority to file for bankruptcy last week. The state and the city's mayor oppose the filing.
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