Friday morning headlines

Stocks move higher: Should be a low volume day as traders take off for the holiday. Dow is up about 60 points, despite some not-so-hot economic news.

Consumer spending is weak in November: Only a 0.1 percent increase, which affirms other weaker-than-expected figures. Some economists were starting to revise downward their estimates for the fourth quarter. (AP)

Stores getting desperate: Prices are being slashed during the last few days before Christmas - perhaps a bit more than usual. From the NYT:

After Christmas, the value of most merchandise slides. "The inventory is worth so much less in two weeks," said the chief executive of a retailer, who asked not to be named because he did not want to reveal his store's strategy. "With that kind of inventory, you've got to get rid of it. Whatever the margin is today, it's that much lower next week and the week after when traffic stops."

Congress clears payroll tax cut: House Republicans signed off on basically the same two-month extension that they had rejected earlier in the week. From AP:

The measure passed despite lingering grumbling from tea party Republicans. It buys time for negotiations early next year on how to finance a year-long extension of the 2 percentage point Social Security payroll tax cut. It will keep in place a salary boost of about $20 a week for an average worker making $50,000 a year and prevent almost 2 million unemployed people from losing jobless benefits averaging $300 a week.

LAX is jammed: This will be one of the busiest days of the year. Crowds started forming early this morning. (KABC 7)

Lower gas prices for holiday: An average gallon of regular in the L.A. area is $3.542, which is around four cents lower than last week but 28 cents higher than last year, according to the Auto Club.

Wilshire Grand shutting down today: The downtown hotel is being leveled to make way for a $1.1-billion tower complex that will include a hotel, condos, offices and retail. The multi-phase development is being bankrolled by Korean Airlines. From the LAT:

The hotel at Figueroa Street and Wilshire Boulevard is closing at a time when the hotel industry is beginning to rebound from a steep decline in rates and demand, which were weighed down by the economic downturn in 2009 and 2010. During the first 10 months of 2011, occupancy rates in the Los Angeles area have jumped 5% compared with the same period in 2010, according to statistics from PKF Consulting, a San Francisco-based consultant to the hospitality industry.

Counterfeit goods seized: Confiscated items include knock-off Nike sneakers, North Face jackets, and True Religion jeans, Merchandise was picked up by authorities during a six-week operation at LAX and the port complex. (Press-Telegram)