Dow reaches another record high

November 11, 2013
Dow industrials set another record high

The Dow Jones industrial average set another all-time high on Wall Street on Monday.

The market edged higher from Friday, when it got a lift from an unexpectedly strong October jobs report. The hiring surge made investors more optimistic that the economy is getting stronger.

Trading volume was among the lowest of the year, and bond markets were closed for Veterans Day. Traders on the floor of the New York Stock Exchange held a moment of silence in observance.

The Dow has advanced for five straight weeks and is up 20 percent this year. The last time the Dow had a bigger gain for a whole year was 2003, when it rose 25 percent.

Other major indexes have also surged. Stocks have been propelled higher this year by stimulus from the Federal Reserve, a gradually improving economy and rising company earnings.

The Dow rose 21.32 points, or 0.1 percent, to 15,783.10 The index of 30 blue-chip stocks has closed at a record 35 times this year.

The Standard & Poor’s 500-stock index gained 1.28 points, or 0.1 percent, to 1771.89, just 0.06 points below its record high reached Oct. 29. The Nasdaq composite rose 0.56 points, less than 0.1 percent, to 3919.79.

— Associated Press

Founder’s son takes reins at Chick-fil-A

The new chief executive of Chick-fil-A shares his father’s ability to connect with customers, often delighting at being the first face they see at the opening of a new store.

But when Dan Cathy, 60, soon takes the reins of the Atlanta-based chicken chain that Truett Cathy, 92, started half a century ago, he’ll face challenges that go beyond simply filling his famous father’s shoes. Last week the company announced that Truett Cathy will step down.

Experts say Dan Cathy will have to control tendencies to speak out about personal views that have thrust the private company into the culture wars and made eating at Chick-fil-A a wedge issue for some.

He also will face strategic decisions on international expansion as the chain seeks to sustain its lofty growth.

— McClatchy-Tribune

Also in Business

New BlackBerry chairman and interim chief executive John Chen has a large pay package. In addition to a $1 million base salary and $2 million performance bonus, the Waterloo, Ontario, company will give him 13 million BlackBerry restricted share units, worth $85 million based on the current stock price, that will vest over five years. The former Sybase chief executive signed on last week, when the smartphone maker abandoned plans to sellitself. The details were disclosed in a Securities and Exchange Commission filing on the strategy shift.

Tom Wroblewski, local leader of the Boeing Machinists union, declined Monday to say how he wants members to vote in Wednesday’s crucial 777X decision but emphasized the need to protect future jobs. Wroblewski and Boeing Commercial Airplanes chief executive Ray Conner spoke at a ceremony where Washington Gov. Jay Inslee (D) signed into law the legislation passed during the weekend to meet some of Boeing’s conditions for building the 777X and its carbon-fiber wing in Washington.

Novartis agreed to sell a blood- transfusion diagnostics unit to Spanish health-care company Grifols for $1.68 billion as the Swiss drugmaker slims its portfolio.

— From news services

Coming Today

7:30 a.m.: NFIB survey released.

Earnings: Dean Foods, Dish Network, Potbelly.

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