Ticker: Retail sales up 0.8% last month due to fuel costs

The day’s business news at a glance

Shoppers showed their willingness to spend in September even after a better-than-expected splurge in August.

But a big chunk of their spending last month went toward filling the gas tank, according to the Commerce Department's latest snapshot on retail sales released Thursday. Retail sales increased 0.8% last month, after a 1.3% gain in August, the Commerce Department said.

Wall Street muscles higher despite AI swings

U.S. stock indexes muscled higher following a shaky day of trading.

The S&P 500 rose 0.3% Thursday after erasing an early-morning loss and pulled closer to its all-time high set last week. The Dow Jones Industrial Average jumped 1.1%, and the Nasdaq composite added 0.1%.

Brazil's Lula wins court challenge against Meta

A judge of Brazil's top electoral court ruled on Thursday in favor of the campaign of President Luiz Inacio Lula da Silva, who earlier filed a complaint against Meta.

The filing accuses the big tech that owns Instagram, Facebook and WhatsApp of using biased algorithms and AI restrictions to favor opposition candidate Flavio Bolsonaro ahead of their Oct. 25 runoff for the country's top job.

Trump admin advances plan for peptide drugs

Federal health officials are moving ahead with plans to broaden access to a class of unproven injectable drugs called peptides.

According to a government online posting Thursday, the Department of Health and Human Services submitted a plan to the White House that would allow temporary access to some of the products. Peptides are essentially unapproved, injectable drugs that have become popular.

Lenders must report on LA fire payouts

California officials are ordering mortgage lenders to report on how they've handled insurance payouts to survivors of the 2025 Los Angeles-area fires.

The California Business and Consumer Services Agency and the Department of Financial Protection and Innovation are seeking to speed up the release of insurance funds. DFPI has received over 160 complaints about payment delays since the January 2025 fires.

Long-term US mortgage rate holds at 7.4%

Mortgage rates held steady this week, keeping the average long-term U.S. home loan rate at its highest level in nearly three years.

Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed-rate mortgage was unchanged from last week at 7.40%. One year ago, the average rate was 6.27%.

New China-North Korea bridge opens after delay

A new bridge linking China and North Korea has opened after more than a decade of delay. It's being touted as a symbol of the neighbors' traditional friendship and it signals deeper ties between the countries.

The bridge was initially expected to open in 2014, when China had apparently completed construction on its side.

Jobless aid filings stay at historically low levels

U.S. applications for unemployment benefits inched up last week as layoffs remain historically low and most American workers enjoy job security.

The Labor Department said Thursday that initial jobless claims for the week ending Oct. 10 ticked up by 1,000 to 199,000 from the week before. The four-week average of claims, which smooths out week-to-week volatility, rose by 250 to 198,500.