Business Highlights

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709,000 seek US jobless aid as pandemic escalates

WASHINGTON (AP) — The number of people seeking unemployment benefits fell last week to 709,000, the fourth straight drop and a sign that the job market is slowly healing. The figures coincide with a sharp resurgence in confirmed viral infections to an all-time high above 120,000 a day. Cases are rising in 49 states, and deaths are increasing in 39. The nation has now recorded 240,000 virus-related deaths and 10.3 million confirmed infections.

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Online shopping surge could lead to holiday delivery delays

NEW YORK (AP) — Retailers and carriers are preparing for an online holiday shopping surge that could tax shipping networks and lead to delivery delays. FedEx and UPS are ramping up their holiday hiring, while expanding their weekend operations and asking retailers to use their shipping network when there is more slack. Stores are pushing their customers to buy early to smooth out the shipping peaks in the weeks leading up to Christmas. And they’re further expanding services like curbside pickup to minimize online shipping. Retailers, many of which were already using their physical stores as shipping hubs, are now designating some of their locations to handle even higher volumes.

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US piles up record October budget deficit of $284.1 billion

WASHINGTON (AP) — The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits. The Treasury Department reported Thursday that the federal government ran up a record October deficit of $284.1 billion, nearly double the red ink of a year ago. The shortfall is the result of declining revenues and soaring spending to deal with the impact of the coronavirus. The deficit was almost double the $134.5 billion deficit in October of last year. It broke the old record of a $176 billion deficit in October 2009 when the government was spending heavily to lift the country out of a deep recession caused by the 2008 financial crisis.

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Disney posts 4Q loss as parks business, costs drag results

NEW YORK (AP) — Walt Disney Co. reported a fiscal fourth-quarter loss on Thursday. Its earnings were dragged down by costs from restructuring related to its streaming services and lost revenue from its California theme parks, which remain closed amid surging coronavirus cases in the U.S. But its results were not as bad as feared and shares advanced after hours. Before the pandemic, Disney’s profit soared as its wide array of media and entertainment offerings, from Marvel theatrical releases to Disney cruises, outperformed. But those businesses have been among the hardest hit during a pandemic that shows no sign of going away.

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Stocks pull further below record highs as infections spread

NEW YORK (AP) — U.S. stocks pulled back on Thursday, amid increasing worries about worsening coronavirus counts across the country. The S&P 500 fell more than 1% as markets around the world have taken a pause the last two days, after galloping higher this month. At first, the rally was on expectations that Washington will continue several pro-business policies following last week’s U.S. elections. More recently, encouraging early results for a potential COVID-19 vaccine have investors envisioning a global economy returning to normal.

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As virus cases rise, Southwest sees slower travel recovery

DALLAS (AP) — A new report from Southwest Airlines indicates that the rise in COVID-19 cases around the country is cutting into travel bookings. That’s bad news for the airlines just before the important Thanksgiving holiday, normally a busy travel period. Southwest said Thursday that leisure-travel bookings improved slightly in October, but that improvement is fading for November and December flights. Meanwhile, JetBlue Airways will stop blocking seats on its flights starting Jan. 8. Airlines say they are losing revenue by limiting capacity on planes, which they say are safe because of powerful ventilation and air-filtering systems.

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Senate likely to vote on controversial Fed pick next week

WASHINGTON (AP) — President Donald Trump’s unorthodox choice for the Federal Reserve Board of Governors could be voted on by the Senate next week. The office of Senate Majority Leader Mitch McConnell said Thursday that Judy Shelton’s nomination is headed to the Senate floor. It’s an indication that Senate GOP leadership feels they likely have the votes to approve Shelton’s nomination. Shelton has run into stiff opposition from Senate Democrats, most economists, and many former Fed officials for her past support of the gold standard and for writings that questioned the Fed’s political independence.

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US consumer prices unchanged in October, lowest in 5 months

WASHINGTON (AP) — U.S. consumer prices were unchanged in October, the lowest reading in five months and an indication that the price spike seen this summer is beginning to fade as coronavirus cases start to increase. The Labor Department reported Thursday that the flat reading in October followed a gain of 0.2% in September. Core inflation, which excludes volatile food and energy costs, also showed no changed in October, another indication that inflation remains well-behaved. Over the past 12 months, overall inflation is up a moderate 1.2% while core inflation is up 1.6%. Both readings are well below the Federal Reserve’s 2% target.

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The S&P 500 index lost 35.65 points, or 1%, to 3,537.01. The Dow Jones Industrial Average dropped 317.46 points, or 1.1%, to 29,080.17. The Nasdaq composite lost 76.84 points, or 0.7%, to 11,709.59. The Russell 2000 of smaller-company stocks dropped 28.47 points, or 1.6%, to 1,708.47.