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Monday Afternoon Business Brief

November 12, 2012, 1:05 PM

Monday Afternoon Business Brief
  • The key U.S. stock averages have edged higher, after some initial hesitation. The market is coming off last week's losses, inspired by fears about the "fiscal cliff".
  • The Paris-based International Energy Agency says the U.S. will become the world's largest oil producer by around 2020. It says the U.S. should become nearly self-sufficient for its energy needs later, around 2035.
  • It is another step in the recovery from Superstorm Sandy. New Jersey Gov. Chris Christie says the state will end gasoline rationing as of 6 a.m. Tuesday. He says supplies are plentiful again and there are no more long lines where motorists are waiting for fuel in the state.
  • Investors are giving up hope on a turnaround for J.C. Penney.  The retailer's stock is down 10 percent today after posting its third straight quarterly loss on Friday. That included news of another steep drop in sales.
  • Sherwin-Williams is looking south of the border for expansion. It is buying privately-held Mexican paint company Consorcio Comex in an all-cash deal valued at about $2.3 billion, including assumption of debt.

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