NEW YORK (AP) — Investors will be looking for a rebound from the stock market slump when trading resumes later today. Asian stocks sank Thursday after yesterday’s torrid session on Wall Street. Meanwhile, the price of oil continued to fall to new lows. Benchmark U.S. crude was down 93 cents at $80.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 6 cents to close at $81.78 on Wednesday.
WASHINGTON (AP) — Among the key economic reports due out today, the Labor Department will release figures on the number of people who applied for unemployment benefits last week. Economists forecast that weekly applications rose 3,000 to a seasonally adjusted 290,000. Also, the Federal Reserve will report on industrial production figures for September.
CUPERTINO, Calif. (AP) — Apple Inc. is expected to unveil new iPads at an event later today, as the company tries to drive excitement amid slowing demand for tablet computers. Apple may also announce a new Mac operating system and possibly new Mac computers. Watchers also await a possible launch date for Apple Pay, the company’s new system for using iPhones to make credit and debit card payments at retail stores.
DETROIT (AP) — The judge overseeing Detroit’s bankruptcy is expected later this morning to get news of a settlement between the city and a major creditor. Lawyers have promised to reveal details in court later today as the trial on Detroit’s bankruptcy plan nears an end. The deal could involve a bond insurer, Financial Guaranty Insurance, which has been seen as the most significant opponent of the game plan for a resolution of the crisis.
DETROIT (AP) — Two U.S. senators are questioning why auto safety regulators are letting car companies recall vehicles only in limited regions when a safety problem could happen anywhere. Democrats Richard Blumenthal of Connecticut and Edward Markey of Massachusetts have written a letter to the acting head of the National Highway Traffic Safety Administration. They cited a dangerous problem with air bags as an example of how the agency has let automakers limit recalls to a few high-humidity states.
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