NEW YORK (AP) — It’s the biggest gain of the year for the stock market. Investors reacted to minutes from the Federal Reserve’s latest policy meeting, which showed the Fed is reluctant to raise interest rates any time soon. The Dow jumped 275 points, or 1.6 percent, to 16,994. The S&P 500 rose 34 points, or 1.8 percent, to 1,968. The Nasdaq rose 83 points, or 1.9 percent, to 4,468.
NEW YORK (AP) — Alcoa Inc. is reporting third-quarter net income of $149 million. The New York-based company says it had profit of 12 cents per share. Earnings, adjusted for restructuring costs and pretax expenses, came to 31 cents per share. The results exceeded Wall Street expectations. The aluminum refiner and producer posted revenue of $6.24 billion, which also topped forecasts.
NEW YORK (AP) –The price of oil is down. It fell to its lowest level in 18 months on lower global demand and high supplies. Benchmark U.S. crude fell $1.54 to close at $87.31 a barrel today on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 73 cents to close at $91.38 on the ICE Futures exchange in London.
SAN FRANCISCO (AP) –Two separate reports say the personal computer market is still ailing, despite showing some signs of recovery in several key markets. PC sales rebounded in the U.S. and western Europe. But shipments continued to fall in China, Japan and other Asian countries. The reports were released today by International Data Corp. and Gartner Inc.
SACRAMENTO, Calif. (AP) — A solar-energy company is dropping a proposal to build a 75-story tower in California that uses a new kind of technology that can cause some birds to ignite in midair. Officials and conservation groups say a similar BrightSource tower near the Nevada border proved unexpectedly deadly to birds that flew through the concentrated rays.
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