Business News

Oil and Gas Soar

Stocks are searching for direction this morning, after powering higher for a fifth straight session yesterday The S&P 500 is on track for its best week of the year. (CNBC) Boosting the overall stock market is a rebound in oil, holding over $50 for the first time since late July. Crude prices were set for their biggest weekly rise since 2009. (Reuters)
Our phones are slowly becoming our wallet. Starbucks will soon accept Apple Pay, with KFC and Chili's on board sometime next year. Delta customers can now book and pay for flights using Apple Pay through the Delta app. (The Verge)
Medicare Part B premiums will rise 52% in 2016 for 7 million enrollees or 30% of beneficiaries because of a provision in cost-of-living adjustments for Social Security. (USA Today)
Earnings season officially left the gate last night as Alcoa reported a sharp drop in profits. The aluminum producer posted a profit of $44 million, as sales fell 11% to $5.57 billion, weakened by the stronger U.S. dollar and devalued Chinese  yuan. Oversupply, exacerbated by China’s economic slowdown, has battered aluminum prices, which have fallen about 14% since the beginning of the year. (Wall Street Journal)

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