Update on the latest in business:
Stocks mixed…Consumer prices rise…Fed chair sees steady growth
NEW YORK (AP) – Stocks are little changed in morning trading on Wall Street, with the major indexes turning mixed after opening lower. Banks and industrial companies fell in the early going as bond prices rose, and energy stocks fell along with a drop in crude oil prices. Traders bid up shares in household goods makers, utilities and real estate, sectors seen as less risky.
WASHINGTON (AP) – Surging gasoline prices caused U.S. consumer prices to rise last month at the fastest pace since March. The Labor Department says its consumer price index rose 0.4% in October after a flat reading in September. Gasoline prices jumped 3.7% after drops in August and September. Excluding volatile energy and food prices, so-called core consumer inflation rose just 0.2% in October.
WASHINGTON (AP) – Federal Reserve Chairman Jerome Powell expects the U.S. economy to continue growing at a solid pace, despite facing risks from slower growth overseas and trade tensions. In a written statement ahead of his remarks to Congress today, Powell says the Fed is likely to keep its benchmark short-term interest rate unchanged in the coming months, unless the economy slows enough to cause Fed policymakers to reassess. The Fed cut short-term rates last month for the third time this year, to a range of 1.5% to 1.75%.
LINTON, N.D. (AP) – Supporters and opponents of a proposal to double the capacity of the Dakota Access pipeline are gathering in south-central North Dakota for a hearing of the Public Service Commission. Texas-based Energy Transfer wants to double the capacity of the line to as much as 1.1 million barrels daily to meet growing demand. Opponents have long argued that a leak in the pipeline would threaten the tribe’s Missouri River water supply. They say increasing pressure magnifies the risk.
SAN FRANCISCO (AP) – California regulators vote today on whether to open an investigation into pre-emptive power outages that blacked out large parts of the state for much of October as strong winds sparked fears of wildfires. The state’s largest utility, Pacific Gas & Electric, initiated multiple rounds of shut-offs that plunged nearly 2.5 million people into darkness throughout northern and central California. Southern California Edison Co. and San Diego Gas & Electric Co. also shut off power but to far fewer people.