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Friday Afternoon Business Brief

October 12, 2012, 1:13 PM

Friday Afternoon Business Brief
  • Wall Street is showing no inclination to break from the pattern of lower stock prices that has dominated this week. The market is on track for its worst week in several months.
  • Lower interest rates are helping JPMorgan Chase. The nation's largest bank reports a profit of $5.3 billion for the third quarter, helped by rising mortgage refinancings.
  • U.S. safety officials are investigating brake problems in the Honda Pilot SUV.  They're looking at nearly 88,000 2005 model year Pilots. So far, no crashes or injuries are known to have come from the problem, where the brakes can come on even when the driver doesn't tap on the pedal.
  • A group of retailers and trade groups is behind an effort to stop a settlement worth at least $6 billion. It was one where Visa and MasterCard and major banks agreed to pay retailers for alleged fee fixing. They fear the deal would allow credit card firms to, in their view, continue to take advantage of the merchants.
  • Best Buy says staffers have been told they can match rivals' online prices in some cases heading into the holiday shopping season. A spokeswoman says the matching effort applies to appliances and electronics and will be given on an "if asked" basis at the discretion of Best Buy staffers on the sales floor.

Read more business stories on the Back To Business page.

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