Another weekly record for stocks

June 20, 2014
Markets
Another weekly record for stocks

U.S. stocks rose, with benchmark indexes extending records amid optimism over the economy, as deal activity spurred a rally in health-care shares and energy producers gained with oil prices. Copper advanced a sixth day.

The Standard & Poor’s 500-stock index added 0.2 percent to 1962.87 in regular trading and the Dow Jones industrial average climbed 0.1 percent to an all-time high. Emerging-market shares completed their first weekly drop in June on concern that higher oil costs will curb growth. Copper capped the longest rally in six months and coffee advanced for its best day in a month.

U.S. and European stocks rallied this week after the Federal Reserve said interest rates will remain low as the economic recovery shows signs of accelerating. Commodities led by oil rose for a second week as President Obama said he is sending U.S. military advisers to help the Iraqi army battle an insurgency and is prepared to take more action.

The S&P climbed 1.4 percent this week. The index has closed higher six straight days, its longest streak since April. The gauge is trading at 16.6 times the projected earnings of its members, up from 15.5 times at the beginning of the year.

The tech-heavy Nasdaq gained 8.71 points, or 0.2 percent, to 4368.04. The index is still well below its dot-com era peak of just over 5000.

— Bloomberg News

Automotive
NHTSA to investigate Ford Explorers

The National Highway Safety Traffic Administration said Friday it was reviewing reports that exhaust gases, including carbon monoxide, may enter the passenger compartment of some Ford Explorers, a potential safety issue that has prompted customer complaints and a recent lawsuit.

The agency said it was aware of complaints involving Ford Motor’s Explorers from model years 2011 through 2014 from owners who claim they experienced exhaust fumes or other strange odors in the cabin. NHTSA was “reviewing all available data and will take appropriate action as warranted,” it said in a statement.

In a lawsuit filed June 9 in a federal court in Florida, Angela Knutson, the owner of a 2013 Ford Explorer, said that a defect in hundreds of thousands of Explorers could cause “lethal quantities of carbon monoxide” to enter passenger cabins while the vehicle was being driven, putting occupants at risk.

— Reuters

Also in Business

— From news services

Comments
Show Comments

Sign up for Today's Headlines

Start every morning with the most important stories.

Most Read Business