Gas down 7 cents
Gas prices in Northeast Ohio fell Tuesday to $3.27, down 7 cents from a week earlier, according to the automotive group AAA.
Nationwide, the average price for a gallon of regular unleaded gasoline was $3.35 Tuesday, 4 cents less than a week ago. In Youngstown, prices have dropped by 2 cents in the past week to reach $3.25 Tuesday.
AAA expects that retail prices will continue to decline in the coming months, as sufficient supplies, flat demand and cheaper winter-blend gasoline mean motorists are likely to pay less to fill their tanks.
Exchanges fight over Twitter IPO
Twitter’s stock debut is the biggest coming-out party since Facebook, and Wall Street’s marquee exchanges are fighting to host it. The company has yet to announce an exchange, but when its shares go public sometime before Thanksgiving, Twitter executives will either ring the opening bell on the floor of the New York Stock Exchange or sign a digital screen on the podium of the Nasdaq Stock Exchange. Either way, the initial public offering is much more than a photo op for the winner. Listing Twitter’s shares and overseeing their trading means added revenue at a time when NYSE and Nasdaq are losing business and struggling to keep up with changing technologies.
IMF global forecast
The International Monetary Fund cuts its global economic-growth forecasts and warns that the U.S. would harm the world economy if it fails to raise its borrowing limit. The international lending agency said the global economy will grow 2.9 percent this year and 3.6 percent in 2014. Both are 0.2 percentage point lower than the group’s July forecasts.
Shutdown leads to Wall Street decline
The stock market’s slow bleed got a little worse Tuesday.
The decline is the result of squabbling in Washington over raising the nation’s debt limit and a government shutdown that has dragged on for more than a week. The stock market’s moderate losses in the first days of the shutdown have accelerated this week as the U.S. has moved closer to an Oct. 17 deadline for lifting the government’s borrowing authority.
Google introduces new, cheap laptop
Google is introducing a $279 laptop that runs its Internet-centric Chrome operating system, borrowing many of the high-end features found in models that cost $1,000 or more.
Hewlett-Packard Co. makes the new HP Chromebook 11.
Although its price is in line with most other Chrome OS notebooks, the new model sports many design features found in pricier devices, including the $1,299 Chromebook Pixel.
Vindicator staff/wire reports