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Monday Evening Business Brief

October 22, 2012, 4:34 PM

Monday Evening Business Brief

Stocks were all over the map during today's trading session on Wall Street, ending with slight gains for the key averages. The Dow rose 2 points to 13,346. The S&P gained a fraction, while the Nasdaq surged 11 points.

  • Apple holds an event tomorrow at a San Jose, California theater where it is expected to unveil a smaller iPad.  Tech bloggers and analysts expect it to be about half the size of the regular iPad.
  • Genealogy website Ancestry.com has agreed to be purchased by a group led by a European private equity firm. The cash deal is valued at about $1.6 billion.
  • The nation's largest retailer, Wal-Mart, has been slapped with a lawsuit that claims that both it and its staffing agencies broke federal minimum wage and overtime laws by requiring temporary workers to appear early for work, stay late to complete work and work through lunches and breaks without pay. The suit also claims that Wal-Mart itself failed to keep accurate records of workers' time.
  • Oil hit a three-week low as a major North American pipeline gets set to resume. Benchmark oil fell $1.32 to finish at $88.73 in New York. TransCanada is expected to soon restart its 2,100-mile Keystone pipeline. Shut Wednesday after tests raised questions about safety, it carries about 590,000 barrels of crude per day from Canada to facilities in the Midwest.

Find the latest local business news on the Back to Business page of KELOLAND.com.

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