Average gas price in Maine decreases 8 cents to $2.73

The average retail price of gas in Maine fell 8 cents per gallon in the past week to an average of $2.73 per gallon.

Website GasBuddy’s survey of 1,228 Maine gas outlets found the state’s average dropped a little less than the 8.3-cent decrease in the national average. The average nationwide price is $2.57.

The website said prices in the state were 76.1 cents lower than the same day in 2013, compared to a drop of 67 cents nationally. Maine’s average was 26 cents lower than a month ago, compared to 33.2 cents less over the past month nationally.

Major stock indexes drop in high volume of trading

U.S. stocks retreated Monday, sending the Standard & Poor’s 500 Index to its fifth drop in six sessions, as the continuing sell-off in oil overshadowed a surge in industrial output and corporate deals.

The S&P 500 fell 12.70 points, or 0.6 percent, to 1,989.63. All 10 industry sectors in the index dropped. The losses followed a 3.5 percent drop in the S&P 500 last week, its biggest decline since May 2012.

The Dow Jones industrial average fell 99.99 points, or 0.6 percent, to 17,180.84. The Nasdaq composite lost 48.44 points, or 1 percent, to 4,605.16. About 8.4 billion shares changed hands on U.S. exchanges, the highest volume since Oct. 17.

The Federal Reserve said Monday that factory production rose 1.1 percent last month, up from a 0.4 percent improvement in October. Manufacturing output has risen 4.8 percent over the past 12 months. It’s now above the high set in December 2007.

Ignition-switch crashes killed 42, hurt 58, GM says

At least 42 people have died and 58 have been injured in crashes involving General Motors cars with defective ignition switches.

Attorney Kenneth Feinberg, who was hired by GM to compensate victims, updated the totals Monday.

Feinberg has received 251 death claims and 2,075 injury claims since August. The fund has deemed a 100 claims eligible for compensation.