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Wednesday Evening Business Brief

August 8, 2012, 5:21 PM

Wednesday Evening Business Brief

The recent stock market rally cooled today. The Dow gained 7 points to 13,176. The S&P was up a fraction, while the Nasdaq composite fell nearly 5 points.

  • Pilots for American Airlines expressed their anger with management by overwhelmingly rejecting the company's final contract offer, but mechanics approved a contract by a razor-thin margin.  American says it is disappointed with the pilots' vote. American will ask a federal bankruptcy judge to let it set pay and other working terms for pilots.
  • Federal regulators say Higher One has agreed to return about $11 million to college students for overcharging them for fees on debit cards and other practices. The Federal Deposit Insurance Corp. says Higher One, which also is paying a $110,000 civil fine, agreed to change the way it imposes fees.
  • Rising profits are reported by Macy's. The retailing parent, which includes Bloomingdale's, says the 16 percent increase was due to cost-cutting and by focusing on local strategy.
  • The price of oil has been on a tear lately, but slipped a bit today. Benchmark crude fell 32 cents to settle at $93.35 a barrel.

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