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Wednesday Evening Business Brief

January 15, 2014, 7:09 PM

Wednesday Evening Business Brief

NEW YORK (AP) - The S&P 500 index is closing at its first all-time high of 2014. The S&P closed up 9 ½ points today, at 1,848. Other indexes also rose. The Dow Jones industrial average climbed 108 points to 16,481 and the Nasdaq composite rose 32 points to 4,214. It was a combination of positive economic reports and strong earnings today that sent all three major indexes higher.

  • The price of oil is closing above $94 a barrel for the first time in two weeks on a big drop in supplies. It's the seventh consecutive decline in U.S. crude oil supplies. Benchmark crude for February delivery rose $1.58, or 1.7 percent, to $94.17 a barrel in New York. Oil has risen 2.6 percent in the past two days. At the pump, the average price for a gallon of gas remains at $3.31.
     
  • American Airlines and US Airways say they're dropping year-round, daily nonstop flights from Washington's Reagan National Airport to Detroit, San Diego and 15 other cities because of the deal they made to win government approval of their merger. They'll also be ending nonstop flights from New York's LaGuardia Airport to Atlanta, Cleveland and Minneapolis but will add service from LaGuardia to 10 other cities.
     
  • J.C. Penney says it'll cut 2,000 jobs and close 33 stores as it tries to turn around results. The cuts should save more than $65 million annually. The retailer will take $26 million in charges in the third quarter and $17 million afterward. Penney has 116,000 staffers. All the job cuts are related to the store closings.
     
  • If you notice some air bubbles and stray cheese on your Pizza Hut crust, it's not an accident. It's all part of an effort to appear more authentic. The nation's largest pizza chain is set to announce a revamped hand-tossed pie this week that it says has a lighter, airier crust brushed with a garlic butter seasoning.

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