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Friday Evening Business Brief

October 5, 2012, 5:17 PM

Friday Evening Business Brief

Stocks turned mixed on Wall Street, after an early rally faded. The Dow added 35 points to 13,610. The S&P was little changed, while the Nasdaq composite dropped 13 points.

  • There was surprising good news on the job market, with the Labor Department reporting the unemployment report fell to 7.8 percent last month. More people found work and there were upward revisions in payrolls numbers for the previous months of July and August.
  • The Federal Reserve says Americans boosted their borrowing in August by the largest amount in three months. A big jump in use of student loans helped to drive the expansion in borrowing.
  • The Congressional Budget Office says the deficit for the just-completed 2012 budget year at $1.1 trillion. It marks the fourth straight year of trillion dollar deficits. The 2012 deficit was 7 percent of the size of the economy.
  • The price of oil fell today. Benchmark oil was down $1.83 to settle at $89.88 a barrel in New York.

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