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Tuesday Morning Business Brief

October 2, 2012, 5:46 AM

Tuesday Morning Business Brief

Stocks closed mixed in Monday trading, failing to maintain the strong rally seen earlier in the session. The Dow added 78 points to 13,515. The S&P was up nearly 4 points, while the Nasdaq slipped 3 points. Futures trading suggests a higher opening today.

  • International stock markets lost momentum today as investors weighed an improvement in U.S. manufacturing against the possibility Spain's government debt will be downgraded to junk status. Benchmark crude oil rose to near $93 per barrel. The dollar fell against the euro but rose against the yen.
  • No major economic data is due out today. The automakers release their monthly car and truck sales figures, and they're expected to be strong.
  • The National Retail Federation predicts sales growth during the upcoming holiday shopping season, but not as much as the last two years. If they're right, holiday shopping could be on track for the smallest growth increase since 2009. Consumer spending accounts for up to 70 percent of economic activity.
  • Samsung and Apple are still slugging it out in court. South Korea's Samsung says it has filed a motion with a U.S. court in California to add Apple's iPhone 5 to their ongoing patent battle. Samsung says Apple's new phone infringes on eight of its patents. The two companies are locked in a struggle for supremacy in the global smartphone market.

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