4. OIL PLUNGE: Global crude prices have fallen to around $56 per barrel from this year’s high of $115 because of more production, especially in the U.S., while slowing economies in Europe and Asia crimp demand. A rapid decline in the second half of the year pushed gasoline to about $2.30 a gallon in the U.S., the lowest price in nearly five years. Americans are pocketing $15.4 billion more a month than when gas was at its 2014 high of $3.70. Cheaper crude is also pumping up auto sales and saving airlines money on jet fuel. But drilling could slow in North Dakota’s new boomtowns and other regions, hurting businesses that have cropped up. And governments in energy producers Russia, Venezuela and Iran are being squeezed, increasing the likelihood of political upheaval.
5. AUTO RECALLS: In the U.S. alone, automakers recalled more than 60 million cars and trucks. That far surpasses the previous record of 30.8 million in 2004. The bulk of those come from two problems that have led to nearly 50 deaths and dozens of injuries. Japanese air bag supplier Takata, whose air bags can inflate too fast and spew shrapnel, has fought regulators’ demands to expand recalls. And GM was fined the maximum $35 million by U.S. safety regulators for dragging its feet — for a decade — over replacing faulty switches that can shut down car engines. The U.S. Justice Department is investigating both companies.
6. MOBILE MOMENTUM: PC sales are slumping, but mobile phone subscriptions are expected to reach 7 billion this year — the same as the world’s population. Phone makers are launching cheaper smartphones aimed at developing countries, which could get billions more people online. Already, more than a billion people check Facebook on their phones and tablets. The social media giant spent $22 billion on a phone messaging app, WhatsApp. Uber, a hail-a-cab app, is valued at $40 billion. Apple Inc., the iPhone and iPad maker, launched a payment system that sidesteps cash and plastic.
7. STOCK MARKETS SOAR: Another year, another record. The end of the Federal Reserve’s bond-buying stimulus program stressed investors this fall, but U.S. stocks kept rising, extending the bull market run to nearly six years. More companies acquired each other and big companies bought up more than $400 billion of their own stock, helping to put the Standard & Poor’s 500 index on pace for a 13 percent gain in 2014. And despite the end of the Fed’s bond purchases, which was expected to weigh on markets, bond prices rallied and rates dropped.