Stocks slump Friday
NEW YORK, Nov. 2 (UPI) -- U.S. stock indexes were down Friday after the U.S. Labor Department said the unemployment rate rose to 7.9 percent in October.
A month after the rate fell 0.3 percentage points to 7.8 percent, the tick upward was a reminder that the economic recovery was halting at best.
With New York still recovering from a massive hurricane, the Dow Jones industrial average was down 119.46 points, 1.05 percent, to 13,193.16.
By close of trading, the Nasdaq composite index shed 37.93 points, 1.26 percent, to 2,982.13. The Standard and Poor's 500 index lost 13.39 points, 1.26 percent, to 1,414.20.
On the New York Stock Exchange, 908 stocks advanced and 2,100 declined on a volume of 3.6 billion shares traded.
The benchmark 10-year treasury rose 2/32 to yield 1.718 percent.
The euro fell to $1.2838 from Thursday's $1.2943. Against the yen, the dollar rose to 80.47 yen from 80.14 yen.
In Tokyo, the Nikkei 225 index added 1.17 percent, 104.35, to 9,051.22.
In London, the FTSE 100 index added 0.11 percent, 6.63, to 5,868.55.
Verizon: Sandy cleanup will hit profits
NEW YORK, Nov. 2 (UPI) -- Verizon says it is working on getting its cellular service back online after Hurricane Sandy but that the repairs would affect its fourth-quarter earnings.
Verizon said it can't estimate how much of a dent the storm will put in its operating profit, "but we expect that it could be significant," CNN Money reported Friday.
The nation's largest wireless carrier said 96 percent of its towers in areas affected by the storm are operational but returning the other towers to service would require significant effort.
"Unfortunately, the extent of the storm damage -- including lingering power outages and inaccessible roadways -- in harder-hit areas like New Jersey and the New York City metro area makes full restoration a marathon and not a sprint," Bob Mudge, president of Verizon's consumer division, said in a statement. "We ask for customers' patience and understanding."
Verizon wasn't alone in being hobbled by the storm, with the Federal Communications Commission saying Thursday 19 percent of cellular sites in 158 counties across 10 states, from Virginia to Massachusetts, were non-operational.
Car-rental firms find post-storm surge
NEW YORK, Nov. 2 (UPI) -- Rental cars companies said Hurricane Sandy stirred up business after East Coast travelers were stranded with flight cancellations.
A high percentage of car-rental customers were looking for one-way passage, which can present a problem for rental companies, especially as demand increases in hurricane -devastated areas and rentals are more frequently driven away from those locations, USA Today reported Friday.
"A storm such as this changes our whole rental pattern," said Richard Broome, a spokesman for Hertz.
Enterprise Holdings, which operates three rental brands -- Enterprise Rent-A-Car, Alamo Rent A Car and National Car Rental -- said demand for one-way rentals had risen 40 percent since Hurricane Sandy swept through the East Coast Monday and Tuesday, causing an estimated $20 billion in damage.
Enterprise spokeswoman Laura Bryant said reports of excessive car-rental costs during the storm were likely inaccurate.
"This is a time to make friends, not profits," Bryant said. "Absolutely no price increases because of the storm," she added.
EPA tells Hyundai, Kia: fix mpg estimates
WASHINGTON, Nov. 2 (UPI) -- The U.S. Environmental Protection Agency said Friday it found mileage estimates on Hyundai and Kia vehicles were too good to be true.
The EPA said it had fielded customer complaints the mileage estimates on Hyundai vehicles, which prompted them to audit the MY2012 Hyundai Elantra. Finding discrepancies between tests and claims made by the company prompted further testing, the EPA said.
"Customers rely on the window sticker to help make informed choices," said Gina McCarthy, assistant administrator for the agency's Office of Air and Radiation.
"EPA's investigation will help protect consumers and ensure a level playing field among automakers," she said.
The EPA tests 150 to 200 vehicles a year to ensure emission control and mileage claims are accurate and consistently handled by various companies.
The agency said Hyundai Motor America and Kia Motors America would lower estimates "for a majority of their model year 2012 and 2013 models" after tests found them to be inaccurate.
The automakers will lower estimates by 1 and 2 mpg for most brands, and as much as 6 mpg for the Kia Soul's highway estimate.
