The insurance company American International Group said on Friday that it is expecting to take an after tax loss of at least $1.3 billion related to superstorm Sandy. Reuters reports that New York-based AIG will contribute $1 billion from existing funds to its US property insurance subsidiaries to help cover the losses from the storm.

The number of people claiming unemployment benefits dropped for the third straight week last week as the effects of superstorm Sandy stabilize. Initial claims for state unemployment benefits dropped 25,000 to a seasonally adjusted 370,000, the Labor Department said on Thursday.

The Dow Jones industrial average rose 83 points Wednesday with news that the Chinese government was working to strengthen the economy.

Rupert Murdoch's the Daily, an iPad only newspaper, announced Monday that it was closing its doors.