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Wednesday Evening Business Brief

September 7, 2011, 5:22 PM

Wednesday Evening Business Brief


Stocks rallied for the first time in three sessions. The Dow was up 276 points or 2.5 percent, settling at
11,415. The S&P added 33 points or 2.9 percent, while the Nasdaq rose 75 points.

  • The Federal Reserve says its 12 bank regionssaw modest growth this summer with consumers spending more in most of the country. The "Beige Book" survey appears to be an improvement from the previous report, which said growth had slowed in eight of 12 regions in June and early July.
  • The price of crude rose nearly 4 percent with traders speculating tropical storms will further hamper production in the Gulf of Mexico. Benchmark crude surged $3.32 to settle at $89.34 per barrel in New York.
  • A government audit finds that two years after the economic stimulus was enacted, about a-third of the money authorized for an energy efficiency program has not been spent. That means as much as $879 million was not used from the $2.7 billion program meant to help create jobs.
  • People briefed on the matter say Ford, Chrysler and the United Auto Workers remain far apart in labor talks just a week before the current contract expires. Sources say the two companies have just started serious talks with the union about pay, typically the main sticking point. Another says GM has been talking pay for about two weeks and is closer to an agreement.

     

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