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July 12, 2013 06:55 AM

Friday Morning Business Brief

The Dow and the S&P 500 start the day from new all-time highs. The blue chip index gained 169 points Thursday, or 1.1 percent, to finish at 15,460.02. The S&P gained 22, or 1.4 percent, to 1,675. The Nasdaq also saw strong gains, rising 57 and a-half points, or 1.6 percent, to 3,578.30.

  • Inflation at the wholesale level has been below the Federal Reserve's 2 percent target over the past 12 months. That's given the central bank room to keep interest rates low in an effort to boost the economy. The Labor Department releases the Producer Price index for June this morning, and it's expected to remain tame.
  • The U.S. Federal Reserve's vow to support the U.S. economy for as long as needed continued to shore up sentiment in global markets despite growing concerns over the scale of the slowdown in China. Surprisingly weak trade figures earlier this week raise the prospect that China's slowdown will be sharper than anticipated as China's central bank tightens credit to reduce financial distortions.
  • The price of oil fell slightly Friday, extending losses below $105 a barrel after a report from the International Energy Agency said supplies would exceed an expected rise in demand next year. Benchmark crude for August delivery was down 19 cents at $104.72 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.61 to close at $104.91 on Thursday.
  • China's airlines and airports continue to have the worst flight delays in the world, according to a travel industry monitor FlightStat Inc. says a survey of flight times last month showed that Beijing's airport had the lowest proportion of flights leaving on time among 35 leading airports at just 18.3 percent. Among airlines, mainland Chinese carriers made up eight of the 10 worst performing airlines.
  • Shanghai was slightly better at 28.72 percent, but still 10 percentage points below the next-worst performer, Istanbul.
  • Business
  • Economy/Stocks

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