The average price of gasoline fell to below $3 a gallon for the first time in four years. Read about this and more of the morning's top business news stories.
“Nightcrawler” Edges Out “Ouija.”
It was a virtual tie for No.1 at the box office over Halloween weekend, with “Nightcrawler” edging out last week’s No. 1 film, “Ouija,” $10.91 million vs. $10.9 million. “Nightcrawler” stars Jake Gyllenhaal as an amoral videographer who supplies “if it leads, it bleeds” footage to a local TV news program. Maintaining its position in the top five is the WWII tank adventure, “Fury,” which brought in $9.1 million. “Gone Girl,” too, won’t be ignored. A different kind of horror story, it brought in $8.8 million over the weekend. It has grossed $126.6 million thus far. Coming in fifth was the animated film, “The Book of Life,” with $40.5 million.
Gas Drops Below $3 a Gallon
It was no trick—the national average price of gasoline fell 33 cents to end October at $3 a gallon and dipped on Halloween to $2.995, according to AAA. This is the first time in four years that gas has been cheaper than $3 a gallon. Seasonal swings and other factors will likely send gas back over $3, but the U.S. is on track for the lowest annual average since 2010, and the 2015 average is expected to be lower even still, the Associated Press reports. The drop from last year's average of $3.51 per gallon will save the typical U.S. household an estimated $50 a month. New York's average of $3.365 is the highest in the continental U.S., while South Carolina and Tennessee can take bragging rights with an average of $2.74.
Nissan Sales Steer Record Month
Japanese automaker Nissan recorded a record month in October with U.S. sales up more than 13 percent, the Associated Press reports. Sales for the company's Nissan brand rose almost 15 percent while Infiniti was down 1 percent. The company's top sellers were its Rogue small crossover SUV (up almost 14 percent) and the Versa subcompact (nearly 29 percent).
China Manufacturing Growth Trends Downward in October
A slowing economy and languishing global demand drove a decline in October of China's manufacturing growth, according to a survey released by the China Federation of Logistics and Purchasing. The federation’s purchasing managers' index dropped by 0.3 from September to 50.8. The index is a 100-point scale on which any number above 50 indicates an expansion of manufacturing.
Nik Wallenda Completes Chicago Skyscraper Crossings
The Windy City did not blow Nik Wallenda’s chances of completing two wire crossings between Chicago skyscrapers Sunday night. Wallendea, 35, of the famed Flying Wallendas family, too six-and-a-half minutes to walk the wire at a 19-degree incline from the Marina City west tower across the river as well as a second crossing blindfolded between the city’s iconic Marina City towers. He completed the last crossing in just over a minute. The event was broadcast on the Discovery Channel with a 10-second delay in case there was an accident.
Illinois Voters to Consider Millionaire Tax
Illinois voters on Tuesday will consider whether the state’s constitution should be amended to impose an addition 3 percent tax on income over $1 million. Revenue from the ballot measure would be used to help fund schools, CNN reports. The non-binding vote is a measure of public support for the idea. Illinois’ precarious financial situation could worsen in January when the state’s single 5 percent individual income tax rate is scheduled to drop to 3.75 percent. The corporate income tax rate is also set to fall. Among other initiatives to raise millionaire taxes is the so-called Buffett Rule, which calls for Millionaires to pay at least 30 percent of their income, after charitable contributions, in federal taxes.