Stocks rally...Oil prices fall... Increase in consumer borrowing

NEW YORK (AP) — Stocks have rallied as investors were relieved to see that the U.S. midterm elections went largely as they expected they would. The S&P 500 closed at its highest in four weeks today. The index climbed 58 points, or 2.1 percent, to 2,813. The Dow rose 545 points, or 2.1 percent, o 26,180. The Nasdaq climbed 194 points, or 2.6 percent, to 7,570. And the Russell 2000 added 26 points, or 1.7 percent, to 1,582..

NEW YORK (AP) — Oil prices continue to fall. Benchmark U.S. crude lost 0.9 percent to $61.67 in New York, and Brent crude, the standard for international oil prices, dipped 0.1 percent to $72.07 a barrel in London. In other energy futures, wholesale gasoline lost 2.8 percent to $1.65 a gallon and heating oil rose 2.2 percent to $2.24 a gallon. Natural gas was unchanged at $3.56 per 1,000 cubic feet.

WASHINGTON (AP) — Americans increased their borrowing by a solid amount in September. But the gain was less than half the big August surge as borrowing in the category that includes credit cards fell. The Federal Reserve says consumer borrowing rose by a seasonally adjusted $10.9 billion following a jump of $22.9 billion in August, the Federal Reserve reported Wednesday. The August gain had been the strongest increase in nine months.

LOS ANGELES (AP) — Thomas Barrack, a confidant of President Donald Trump, is taking over as chief executive of Colony Capital, returning to the post he held before the real estate investment trust went public four years ago. Colony Capital says that Barrack, who chaired Trump's presidential inaugural committee, will remain executive chairman while he serves as CEO. He replaces Richard Saltzman, who has resigned.

DETROIT (AP) — Two former Fiat Chrysler executives and a union official have been sentenced to prison in a corruption scandal at a labor training center. Seven people have pleaded guilty in the federal probe, including Fiat Chrysler's former senior labor negotiator. There was a conspiracy between some company officials and high-level members of the United Auto Workers union to use money from a training center for travel, clothes, booze and other luxuries.

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