Monday Evening Business Brief
October 29, 2012, 5:23 PM
- There was no trading today, and stock trading will be closed in the U.S. for a second day tomorrow. The last time the New York Stock Exchange was closed for weather was in 1985 because of Hurricane Gloria, and it will be the first time since 1888 that the exchange will have been closed for two straight days because of weather.
- Amtrak says it has canceled all Tuesday service in the Northeast due to high winds and heavy rain from Hurricane Sandy. The railroad says passenger service between Boston and Raleigh, N.C. and between the East Coast and Chicago, New Orleans and Florida will be suspended for a second day in a row.
- No matter who wins the presidential election, that person will likely face continued economic struggles. A majority of economists responding to an Associated Press survey say Europe's recession will persist deep into the next presidential term. And they say an even more urgent threat to the U.S. economy is Congress' failure so far to reach a deal to prevent tax increases and spending cuts from taking effect next year and possibly triggering another recession.
- Strong U.S. sales helped fuel Chrysler's third-quarter profit. The automaker reports earning $381 million, up 80 percent from $212 million a year earlier. It sold nearly 417,000 cars and trucks in the U.S. under the Jeep, Dodge, Ram, Fiat and Chrysler brands.
- Japanese brands have taken the top seven spots in Consumer Reports' annual reliability rankings, pushing aside their U.S. and European rivals. Toyota's Scion, Lexus and Toyota brands take the top three spots and the Toyota Prius C, a subcompact hybrid, got the best overall score. Mazda, Subaru, Honda and Acura are all close behind.
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