FOX Business Brief: Summer Looks to Be Hard on Drivers, Fliers; Markets Hit Record Highs


Stocks climbed to record highs Thursday, a day after Federal Reserve Chairman Ben Bernanke said the central bank would not pull back the stimulus in the near future. The Dow Jones Industrial Average finished 169 points higher at 15,460. The Nasdaq finished up 57 points at 3,578. The S&P 500 closed up by 22 points to 1,675.

The Dow and S&P 500 head into Friday’s session at record highs.

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Investors were bullish for Gap Inc. (NYSE:GPS) in extended trading after same-store sales for the clothing retailer topped expectations at 7%. June sales totaled $1.5 billion.

Drivers are experiencing some pains at the pump this summer. Rising oil prices and the peak driving season has created a perfect storm for higher prices. According to AAA's daily fuel gauge, the average price for a gallon of regular gasoline is up 2 cents overnight to $3.52.

And travelers should pack plenty of patience this summer as more flights are running late this year compared with 2012. The U.S. Department of Transportation says 79.4% of domestic flights arrived on time in May. That is down 4% from the same time last year. American Eagle, the regional flying affiliate of American Airlines, had the worst rate.

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