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Monday Evening Business Brief

May 1, 2012, 5:54 PM

Monday Evening Business Brief

A better-than-expected report on manufacturing helped touch off Wall Street's rally. The Dow rose 66 points, or 0.5 percent, to 13,279. The S&P added 8 points, while the Nasdaq rose 4.

  • Automakers reporting their April sales numbers show Toyota and Chrysler were winners at the expense of General Motors and Ford.  Toyota has fully recovered from its factory slowdowns after last year's Japan earthquake and Thailand flooding.
  • Hundreds of activists across the U.S. have joined in worldwide May Day protests. Occupy Wall Street members in several cities have been leading demonstrations against major financial institutions.
  • The U.S. Labor Department says Wal-Mart will pay $4.8 million in back wages and damages to more than 4,500 employees nationwide for unpaid overtime. The retailing giant will also pay nearly $464,000 in civil penalties for violating federal overtime laws.
  • Retailers are paying less every time a customer swipes a debit card under a rule which capped fees banks may charge. The Federal Reserve says the average fee paid by merchants for debit card transactions covered by the rule was 24 cents in the fourth quarter of 2011. That compares with an average of 43 cents before the Fed's rule took effect Oct. 1.

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