Friday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Friday’s business headlines with Jane King.

Gas prices hit new record

The average price for a gallon of gas in the U.S. hit another record high this week, about 51% higher than a year ago.

Demand on a four-week rolling basis was its lowest for this time of year since 2013, excluding 2020.

Costs and a demand slowdown could dash expectations for a driving season resembling pre-COVID times.

Dollar store chains raise sales expectations

Top U.S. dollar store chains raised their sales expectations for the year as bargain-hunting Americans increasingly shop at discounters.

Low-income families are increasingly browsing the aisles at discount stores for cheaper tissues and cereals, as they did during the financial crisis of 2008.

Mortgage rates fall to 5.1%

Contracts to buy previously-owned homes in the U.S. dropped to a two-year low in April, the latest indication that rising mortgage rates and higher prices were dampening demand for housing.

Pending home sales are signed contracts that haven’t yet closed.

Meanwhile, mortgage rates fell to 5.1% in biggest drop since April 2020.