In a year full of market milestones, Wall Street crushed a couple more Tuesday, lifting the Dow Jones industrial average past the 18,000-point mark for the first time and delivering the Standard & Poor’s 500 index its second record-high close in two days.
Investors welcomed the latest encouraging news on the economy as the government said the United States grew at a 5 percent annual rate, the fastest pace in more than a decade in the third quarter.
The rally gave the Dow and the S&P 500 their fifth straight gain. It also marked the 51st all-time high for the S&P 500 and the 36th for the Dow this year, according to S&P Dow Jones Indices.
All told, the Dow gained 64.73 points to 18,024.17, up 0.4 percent from its previous record close Monday. The latest close is the Dow’s second 1,000-point milestone this year after closing above 17,000 for the first time in July.
The S&P 500 rose 3.63 points to 2,082.17. That’s a gain of 0.2 percent from its own all-time record a day earlier.
The Nasdaq composite fell 16 points, or 0.3 percent, to 4,765.42.
— Associated Press
Keurig Green Mountain said Tuesday that it was recalling about 7.2 million single-serve brewing machines because they could overheat and spray hot liquids on users.
The company said the machines could malfunction especially if used to brew more than two cups in quick succession. The recall affects 6.6 million machines in the United States and 564,000 in Canada.
The affected machines are Keurig Mini Plus brewers made between December 2009 and July with the model number K10 and serial numbers starting with 31, the company said on its Web site.
Keurig has received about 200 reports of hot liquid escaping from the brewer, including 90 reports of burn-related injuries, the U.S. Consumer Product Safety Commission said. Health Canada said Keurig had recorded 17 incidents of minor burns in Canada.
● Coca-Cola plans to cut 1,000 to 2,000 jobs globally in the coming weeks, the Wall Street Journal reported, citing people familiar with the matter. The job cuts are part of Coke’s $3 billion cost-cutting program, which it announced in October. A Coke spokeswoman said the company had informed employees that restructuring would affect jobs, but she did not confirm the reported number of job cuts.
● Family Dollar shareholders voted not to proceed with a vote on an agreed takeover by Dollar Tree in the face of Dollar General’s higher hostile bid. Dollar General took its $9.1 billion offer directly to Family Dollar shareholders in September after Family Dollar’s board rejected its offer, citing antitrust concerns. Instead, Family Dollar stuck to its agreement to be bought by smaller rival Dollar Tree for $8.5 billion. Family Dollar said the meeting to vote on the Dollar Tree deal would be held Jan. 22.
— From news services
● 8:30 a.m.: Weekly jobless claims.
● 10 a.m.: Weekly mortgage rates.
● 1 p.m.: U.S. stock market closes for Christmas holiday and will reopen Friday.