Stocks gain…Jobless claims tick higher…Mortgage rates decline again

NEW YORK (AP) — Earnings gains from General Motors, 3M and other big companies are driving stocks sharply higher in early trading on Wall Street. GM rose 2 percent after reporting that its third-quarter profit doubled thanks to big earnings from SUV and truck sales. Caterpillar, 3M and Southwest Airlines also gained after reporting earnings that pleased investors. But AT&T lost 2 percent after its results fell short of analysts’ forecasts.

WASHINGTON (AP) — The number of people applying for U.S. unemployment benefits has risen again after falling to a 14-year low. The Labor Department says applications rose by 17,000 last week to a seasonally adjusted 283,000. That’s the sixth straight week below 300,000. The less volatile four-week average declined 3,000 to 281,000, the lowest in 14 years. As a percentage of the working population, applications are near their lowest levels since the early 1970s.

WASHINGTON (AP) — Average U.S. mortgage rates continue to slide. Mortgage company Freddie Mac says the nationwide average for a 30-year loan fell to 3.92 percent this week from 3.97 percent last week. The average for a 15-year mortgage fell to 3.08 percent from 3.18 percent. It’s the fifth straight week of declines for mortgage rates.

WASHINGTON (AP) — A gauge designed to predict the economy’s future health posted a solid increase in September after no gain in the previous month. The Conference Board says its index of leading indicators rose 0.8 percent last month following a flat reading in August which originally had been reported as a 0.2 percent gain.

DETROIT (AP) — Two senators are calling on U.S. auto safety regulators to issue a nationwide recall for cars with faulty air bags made by parts supplier Takata. Democrats Richard Blumenthal of Connecticut and Edward Markey of Massachusetts made the call in a letter to Transportation Secretary Anthony Foxx. About 12 million vehicles worldwide have been recalled over concerns that air bag inflators can rupture and spew metal fragments. But in the U.S. many automakers have limited the recall to high-humidity areas in the South.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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