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Friday Evening Business Brief

March 28, 2014, 6:09 PM

Friday Evening Business Brief
  • Stocks are ending broadly higher. Traders are encouraged by the increase in consumer spending last month. The Standard & Poor's 500 index rose 8 ½ points, or 0.5 percent, to close at 1,857 today. The Dow Jones industrial average rose 59 points, or 0.4 percent, to 16,323 and the Nasdaq composite rose 4 ½ points, or 0.1 percent, to 4,155.
  • The price of oil is up a little bit today. It finished the week with a 2 percent gain amid signs of stronger economic growth in the U.S. and global supply concerns. Benchmark U.S. crude oil for May delivery gained 39 cents to $101.67 a barrel on the New York Mercantile Exchange. For the week, oil rose 2.2 percent.
  • General Motors is adding 824,000 small cars to its ongoing recall tied to defective ignition switches. GM will add vehicles from the 2008-2011 model years to a recall that initially covered cars only through the 2007 model year. The Chevrolet Cobalt, Chevrolet HHR, Pontiac G5, Pontiac Solstice, Saturn Ion and Saturn Sky are all involved in the recall.
  • Pilots at regional airline American Eagle have rejected a contract proposal that they say freezes their pay and cuts health-insurance benefits. The Air Line Pilots Association says about 70 percent of the pilots voting turned down the offer. Eagle's parent company also owns American Airlines, and it has threatened to farm out Eagle's planes to other regional carriers.
  • A federal appeals court is allowing labels on certain cuts of meat to say where the animals were born, raised and slaughtered. The court dismissed an attempt by the meat industry to block the rules, which took effect last year. They require packaged steaks, ribs and other cuts of meat to include country of origin labels.

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