Today's Business Roundup

Markets

US stocks finish near session lows a day before Thanksgiving. The Dow is down -235.26 points. The S&P and Nasdaq also finished in the red as the debt crises in Europe and the US linger. Traders fear a possible global recession because of the shaky financial troubles here and abroad. The markets and banks will be closed for Thanksgiving but will reopen on Friday.

Biggest Travel Day Of The Year

Today is simply the busiest travel day of the year and airlines are not profiting as much as people think. Not only are jet fuel costs growing but airlines have to brace for the unwanted costs for delays because of bad weather all over the US.

Super Committee Failure Spillover

Congress is just weeks away from voting on expiring payroll tax breaks and extending unemployment benefits. President Obama told an audience at a New Hampshire high school on Tuesday that their taxes would go up an average of $1,000 to $1,500 unless the payroll tax cuts are extended and expanded as part of his jobs bill.

Small Business Administration Intros "Small Business Saturday"

By Mike Hothi

Small Business Administrator Karen Mills introduced “Small Business Saturday” Wednesday to promote holiday shopping at local businesses in an effort to jolt local economies.

“We are encouraging everyone to visit a small business on Saturday to, perhaps, make a purchase,” Mills said. “Do some of the holiday shopping to engage with those wonderful small businesses on Main Street that are really part of the fabric of our community.”

In 2010, American Express promoted shopping at local businesses on the Saturday after Thanksgiving. Participating businesses saw a 28 percent jump in sales compared to 2009 and the Administration hopes to see similar success this time around.

“The money goes right back to the local economy and we know that’s important,” Mills said.

According to the Small Business Administration, half of working Americans own or work at a small business and small businesses create 2 out of every 3 new jobs.

DOT Bans Hand-Held Phone For Commercial Bus And Truck Drivers

By Mike Hothi

Transportation Secretary Ray LaHood announced a a final rule Wednesday to end distractive driving by outlawing truck and bus drivers from talking on hand-held phones while operating their commercial vehicles.

“When drivers of large trucks, buses and hazardous materials take their eyes off the road for even a few seconds, the outcome can be deadly,” said LaHood. “I hope that this rule will save lives by helping commercial drivers stay laser-focused on safety at all times while behind the wheel.”

Violators of the restriction will pay $2,750 for each offense and will be disallowed from operating their vehicle if they are repeat offenders. Companies that violate the restriction will face a maximum fine of $11,000.

“This final rule represents a giant leap for safety,” said Federal Motor Carrier Safety Administrator Anne Ferro. “Drivers must keep their eyes on the road, hands on the whell and head in the game when operating on our roads. Lives are at stake.”

After Haqqani's Resignation, Pakistan Taps Rahman As Ambassador To US

Pakistan named human rights advocate Sherry Rahman as its next ambassador to the U.S. in hopes of strengthening relations between the two countries.

Rahman, former information minister of Pakistan, replaces Husain Haqqani, who was forced to resign after allegations of sending a secret memo to the United States. Rahman has received wide approval from both Pakistan and the U.S. who are both nations are hopeful about the future of their relationship.

“I hope we can build better ties in the days ahead,” Rahman told the Christian Science Monitor. “Both countries seek stability in the region and we can build on converging goals.”

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Occupy Wall Street Arrives In D.C.

By Mike Hothi

Protestors marching 240 miles from New York arrived Tuesday at McPherson Square in the nation’s capital to join the Occupy D.C. movement.

Over the past 14 days,  the “Occupy the Highway” march grew after it visited with fellow occupiers in cities like Baltimore and Philadelphia.

Protestors hoped to arrive in Washington D.C. before the super committee announced a deficit-reduction deal by its Wednesday deadline, but the 12-member panel could not come to terms on an agreement and conceded failure Monday afternoon.

“The super Committee was a failure from the beginning. It was an attempt to do something undemocratic. Thankfully it didn’t work,” said Michael Glazer, an organizer of the “Occupy the Highway” march, according to reports.

Following their arrival at Washington D.C.’s McPherson Square, marchers held a press conference where they reflected upon their two-week-long journey.

“It proves that rain can’t hold us back from sending our message out there and having our voices be heard. It proves that distance can’t do that. It proves that physical injury, physical exhaustion can’t do it,” Glazer said. “This is just something that’s here to stay.”