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Tuesday Afternoon Business Brief

October 16, 2012, 1:16 PM

Tuesday Afternoon Business Brief

For a second straight day, Wall Street is in rally mode, helped by some better-than-expected corporate earnings. The Dow has been up more than 100 points.

  • The National Association of Home Builders says confidence among builders is at the highest level in six years. The trade group says better-qualified buyers are taking a more serious look at new homes, but many are continuing to struggle with challenges qualifying for mortgages.
  • The Labor Department says the consumer price index rose 0.6 percent in September, largely because of higher gasoline prices. Excluding volatile food and energy areas, prices were up just 0.1 percent.
  • Apple has sent out invites for an event next Tuesday. It is expected to announce that it will begin to sell a smaller iPad, what many are calling "iPad mini."
  • The founders of the studio behind "Shrek" and "Kung Fu Panda" are donating $90 million to a Hollywood charity that offers support to seniors and health services for members of the entertainment industry. Steven Spielberg, Jeffrey Katzenberg and David Geffen, with DreamWorks Animation SKG, say they're donating $30 million each to the Motion Picture and Television Fund.

You can find the latest local business news on the Back to Business page of KELOLAND.com.

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