Business digest

Wall Street drifts around its records

NEW YORK — U.S. stocks drifted around their record heights following the latest signals that the U.S. economy continues to hum. The S&P 500 finished Thursday virtually unchanged after flirting with its all-time high for much of the day. The Dow Jones Industrial Average added 161 points, or 0.4%, to its own record set the day before, while the Nasdaq composite was close to flat. Gains for chip stocks and Travelers following strong profit reports helped to offset losses for Alphabet and Elevance Health.

Mortgage rates rises for 3rd straight week

The average rate on a 30-year mortgage in the U.S. moved higher for the third week in a row and reached the highest level since late August. The rate rose to 6.44% from 6.32% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.63%. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve's interest rate policy decisions. That can move the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield on the 10-year Treasury was at 4.09% Thursday, up from 3.62% in mid-September.

Shoppers spent more at retailers last month

WASHINGTON — Americans stepped up their purchases at retailers last month as low unemployment, steady pay gains and rising stock and home values helped sustain their willingness to spend despite higher prices. Retail sales rose 0.4% from August to September, up from 0.1% the previous month and the third straight increase. Online retailers, restaurants, and grocery stores all reported higher sales. With the presidential election in its final weeks, Thursday's figures provided the latest sign that household spending is fueling a steady economic expansion even while inflation has cooled.

Netflix's subscriber growth slows

Netflix says its subscriber growth slowed dramatically during the summer, a sign that the huge gains from the video-streaming service's crackdown on freeloading viewers is tapering off. The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company's revenue and profit rose at a faster pace than industry analysts had projected. Netflix also projected its revenue in the current quarter would rise faster than analysts expected. The strong financial performance eclipsed any worries about slowing subscriber growth as Netflix's shares rose nearly 4% in extended trading.

Fewer Americans seek unemployment help

The number of Americans filing for unemployment benefits last week came back down to more recent ranges after a big jump the week before due to hurricanes in the Southeast. The Labor Department reported Thursday that applications for jobless claims fell by by 19,000 to 241,000 for the week of Oct. 12. That's well below the 262,000 analysts were expecting. Applications for jobless benefits are widely considered representative of U.S. layoffs in a given week.

Meta lays off staff at WhatsApp, Instagram

Meta says it has laid off some employees, including staff at WhatsApp And Instagram, to realign its resources with its "strategic goals." A Meta spokesperson confirmed in a statement that some teams were making changes to align with their long-term goals and location strategy. The Verge, who first reported the layoffs, said cuts were made across teams that include messaging service WhatsApp and Instagram and Meta's virtual reality technology unit Reality Labs.

From Gazette news services