Dow Jones average has its best week since Jan.
NEW YORK — Stocks rose broadly Friday, giving the Dow Jones industrial average its best week since the start of the year.
The market got a lift from two economic reports, one showing that inflation remained tame in August and the other showing that Americans spent more.
The Dow rose 75.42 to 15,376.06. The index closed up 3 percent for the week, its best five-day performance since the week ending Jan. 4.
The S&P 500 rose 4.57 to 1,687.99. The Nasdaq gained 6.22 to 3,722.18.
Trading was light as Wall Street headed into the weekend and the Jewish holiday of Yom Kippur. Investors were looking ahead to the Federal Reserve’s policy meeting Sept. 17-18, when the central bank is expected to decide the future of its bond-buying program.
Biden’s Charleston visit will focus on the harbor
Vice President Joe Biden will make a vist to Charleston on Monday to discuss exports and the harbor deepening project.
The nation’s second-in-command, a Democrat, will be joined by Republican Gov. Nikki Haley at the S.C. State Ports Authority’s Columbus Street Terminal on the peninsula around 11:30 a.m., Haley’s office announced Friday. U.S. Secretary of Transportation Anthony Foxx also is expected to attend.
Biden’s visit comes as South Carolina officials are seeking federal dollars to help deepen Charleston Harbor for larger cargo ships that the Panama Canal will be able to handle after an expansion of the manmade waterway is completed in 2015.
Charleston is second leg of a three port tour for Biden, who is also scheduled to visit Port of Savannah on Monday.
Southwest Airlines is enforcing no-show rule
DALLAS — Passengers who fail to cancel bookings on Southwest Airlines now face loss of the ticket’s value if they don’t show up.
The new policy took effect with Friday’s flights. Customers who buy nonrefundable tickets must cancel at least 10 minutes before scheduled departure or forfeit the ticket’s value.
In the past, there was little incentive to cancel because Southwest let customers use the value of the unused ticket toward another flight within one year. That meant seats flew empty when Southwest could have sold them to somebody else. A spokesman says there’s been no reaction yet from customers.
Southwest is still letting passengers change nonrefundable tickets ahead of time without penalty. Most other big airlines charge a $200 change fee.
The carrier began serving Charleston in 2011.
United Air says it will honor mistaken fares
CHICAGO — United Airlines says it will honor the tickets it accidentally gave away for free.
The decision is good news for people who snapped up the tickets on Thursday after United accidentally listed airfares at $0. Many customers got their tickets for $5 or $10, paying only the cost of the Sept. 11 security fee.
Airlines have posted so-called “mistake fares” before. Airlines generally decide on a case-by-case basis whether they’ll honor the ticket.
United isn’t saying how many tickets it accidentally gave away, or how much the mistake cost. The wrong fares were available on its website for a few hours.
Regulators close small lender in Connecticut
WASHINGTON — Regulators have closed a small bank in Connecticut, bringing the number of U.S. bank failures to 21 this year. The Federal Deposit Insurance Corp. said Friday it took over The Community’s Bank, based in Bridgeport. The lender had about $26.3 million in assets and $25.7 million in deposits as of June 30.
The FDIC was unable to find another financial institution to take over the failed lender’s banking operations. As a result, the FDIC says it will mail checks directly to depositors for the amount in their accounts that’s insured.
The failure is expected to cost the deposit insurance fund $7.8 million.
Staff and wire reports
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