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November 02, 2013 02:35 PM

Saturday Business Brief

NEW YORK (AP) - Traders appear pleased by an expansion in U.S. manufacturing last month. The stock market moved higher yesterday after the Institute for Supply Management reported that its manufacturing index increased to 56.4, the highest level since April 2011. The Dow climbed 70 points. The S&P 500 index rose five and the Nasdaq composite ended up two points.

  • Investors are discouraged by an abundance of U.S. oil supplies. As a result, the price of oil fell to the lowest level in more than four months yesterday. Benchmark crude for December delivery dropped $1.77 to close at $94.61 a barrel on the New York Mercantile Exchange. The 1.8 percent drop to start November follows a nearly 6 percent decline in the price of oil in October.
  • Berkshire Hathaway reports that its third-quarter profit jumped 29 percent. Warren Buffett's company says it collected some of the proceeds from deals made during the financial crisis. Berkshire earned $5.05 billion, or $3,074 per Class A share, during the quarter. That's up from $3.92 billion, or $2,373 per Class A share, last year. Revenue grew 13 percent to $46.5 billion
  • Honda is recalling 344,000 Odyssey minivans of the 2007-2008 model years to fix a problem that can cause the vehicle to brake suddenly. A "yaw sensor" will be replaced but the part won't be available until early next year. In the meantime, Honda is posting instructions online on how to drive to prevent the problem from occurring. Honda says it's not aware of any crashes or injuries related to the problem.
  • The trial of an elderly Georgia woman who was badly injured when she claims her Toyota Camry suddenly accelerated has been delayed until March. The trial had been expected to begin next week in a California courtroom. Court records show the judge postponed it because of "court congestion." The woman has since died. Her estate is pursing the lawsuit.
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