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

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