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October 26, 2013 02:23 PM

Saturday Business Brief

NEW YORK (AP) - A lot of investors are feeling pretty good today after the stock market racked up its third straight weekly gain. Strong earnings by tech companies helped push the market higher Friday but the gains were broad. The S&P 500 index hit a record. The Nasdaq is the highest it's been in 13 years. The Dow climbed 61 points, the S&P 500 rose nearly eight and the Nasdaq was up 14.

  • U.S. oil supplies are plentiful while the demand for petroleum is subdued, causing the price of oil to plunge nearly 3 percent last week. But it rose yesterday after a positive U.S. economic report. Benchmark crude for December delivery gained 74 cents to close at $97.85 a barrel in New York. Meanwhile, U.S. drivers are enjoying cheaper prices at the pump. The average price for a gallon of gas nationwide fell to $3.32 yesterday.
  • The Federal Housing Finance Agency says JPMorgan Chase has agreed to pay $5.1 billion to resolve claims it misled Fannie Mae and Freddie Mac about risky home loans and mortgage securities it sold them before the housing market collapsed. The FHFA says the bank sold around $33 billion in mortgage securities to Fannie and Freddie between 2005 and 2007.
  • Garden-Fresh Foods is recalling 50 more tons of chicken and ham products over concerns of possible listeria contamination. The products include several varieties of ham and chicken salads, among other things, sold under the Garden-Fresh, Grandpa's, Archer Farms and D'Amico & Sons brand names. It's the third recall in two months by the Milwaukee-based company.
  • Kraft is voluntarily recalling some of its Kraft and Polly-O string cheese because it may spoil and change color before the expiration date. About 735,000 cases were shipped to customers in the U.S.  Kraft has ceased production and distribution of the affected products and is investigating. Consumers should not eat the recalled product and should return it for exchange or refund.
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