Dow drops despite Home Depot report
U.S. stocks closed lower after uneven trading Tuesday as fears about the “fiscal cliff” and Greece tipped major indexes between gains and losses. A surge in Home Depot’s stock prevented a steeper drop for the Dow Jones industrial average. The Dow closed down closed down 58.90 points, or 0.5 percent, at 12,756.18. It would have been lower without support from Home Depot, whose stock jumped 3.6 percent after the big-box retailer beat expectations for its fiscal third-quarter earnings. Home Depot is benefiting from the gradual housing recovery and rebuilding efforts after Superstorm Sandy. Home Depot rose $2.22 to $63.38.
Shorter trips planned for Thanksgiving
NEW YORK Slightly more Americans will hit the road this Thanksgiving, according to AAA. But they’ll take shorter trips to save on gas and other costs as household budgets remain tight. In its annual Thanksgiving travel forecast released Tuesday, AAA predicts 43.6 million Americans will travel at least 50 miles from home over the holiday, up just 0.7 percent from last year. That compares with healthier growth of 8 and 6 percent, respectively, in the last two years. Thanksgiving travel fell by 25 percent in 2008, the first full holiday season after the recession began. The number of travelers forecast to drive, fly or hop on a train or bus is still 26 percent below the peak in 2005 and 14 percent below 2007.
Madoff-related settlement announced
ALBANY, N.Y. Officials have reached a $210 million settlement with Ivy Asset Management, a BNY Mellon subsidiary that advised clients to invest with Wall Street multibillion-dollar swindler Bernard Madoff. The settlement of lawsuits filed by the New York attorney general, U.S. Labor Department and private plaintiffs also provides for about $9 million in payments by other defendants. Combined with anticipated future payments from Madoff bankruptcy proceedings, New York Attorney General Eric Schneiderman said it is expected to return nearly all of the original investments to those who were defrauded, including union pension funds from upstate New York. Labor Secretary Hilda Solis said the agreement “provides a measure of justice for those Americans who worked hard to prepare for their retirement and then saw hoped-for stability disappear.”
Goodies from Wal-Mart
NEW YORK Wal-Mart Stores Inc. on Wednesday will officially launch a mail subscription service called Goodies that lets shoppers to discover new foods from the comfort of their homes. For a monthly fee of $7 that includes tax and shipping, customers get a box of five to eight hand-picked, sample-size food items, ranging from organic to ethnic products that are not currently carried on Wal-Mart’s shelves. The world’s largest retailer began testing the service three months ago and so far has 3,000 subscribers. For November items include pumpkin souffle mix, white cheddar popcorn and dark chocolate-infused Quinoa bars. Users can sign up for the service at www.goodies.co . The monthly price is almost half of the total value of the items if they were purchased separately, according to Wal-Mart. Customers can purchase full-size versions on website and post reviews to earn loyalty points for future purchases.
The Associated Press contributed.