Stocks climb on two upbeat reports about U.S. economy
NEW YORK — Stocks closed higher on Wall Street after investors got a double dose of good news about the U.S. economy.
Consumer spending rose in May and pending home sales surged.
Also, the number of Americans seeking unemployment benefits fell last week.
The Dow Jones industrial average rose 114.35, or 0.8 percent, to 15,204.49, for its third straight triple-digit gain.
The S&P 500 rose 9.94, or 0.6 percent, to 1,613.20.
The Nasdaq rose 25.64 or 0.8 percent, to 3,401.86.
Carnival Cruise Lines leaving Norfolk over 2015 fuel regs
NORFOLK, Va. — Carnival Cruise Lines is saying bon voyage to Norfolk.
The company said Thursday it is moving the Carnival Glory to Miami beginning in November. It was the cruise line’s only ship seasonally homeported in Norfolk.
A spokesman told The Virginian-Pilot that Carnival has decided not to deploy the Carnival Glory or another Carnival ship from Norfolk in 2014.
The company says it routinely evaluates the performance of all of its itineraries and makes adjustments as needed to reflect the preferences of its guests and overall financial performance.
Carnival cited 2015 fuel-related federal environmental regulations as a key factor in its decision.
The spokesman told The Post and Courier on Thursday that the company has no plans to leave Charleston, where Carnival has operated year-round cruises on the ship Fantasy for several years.
CEO of Sports Authority is retiring, successor is named
ENGLEWOOD, Colo. — Sports Authority Chairman and CEO Darrell Webb is retiring.
The privately held sporting goods retailer named board member Michael Foss to the CEO post. Webb became CEO in 2011. Foss, who has served as a Sports Authority director since 2009, most recently was executive vice president and chief financial officer for Petco Animal Supplies.
Sports Authority Inc.’s majority owner, private equity firm Leonard Green & Partners LP, also holds a large stake in Petco. Sports Authority has more than 475 stores in 43 states.
MF Global’s failure triggers suit against ex-CEO Corzine
WASHINGTON — Federal regulators are accusing former N.J. Gov. Jon Corzine of failing to properly manage MF Global, which misused customer funds before its 2011 collapse.
A civil lawsuit by the Commodity Futures Trading Commission seeks to ban Corzine from trading in the futures market and demands he pay unspecified penalties. The regulator also filed civil charges against Edith O’Brien, the firm’s former assistant treasurer.
About $1.2 billion in customer funds disappeared. Most of the money has been returned. MF Global has also agreed to pay a $100 million penalty as part of a settlement.
Corzine has disputed the allegations by the CFTC, which regulated MF Global. MF Global sought bankruptcy protection after a disastrous bet on European countries’ debt.
Nissan is adding 900 jobs to make crossover in Tenn.
NASHVILLE, Tenn. — Nissan is adding 900 jobs to start making the Rogue crossover SUV at its Tennessee plant.
The jobs announced Thursday are in addition to 800 positions added at the Smyrna plant last year, and will bring total employment at the suburban Nashville facility to more than 7,000.
Hiring is already underway. Rogue production is scheduled to begin this fall. Building the Rogue in the United States for the first time is part of the Japanese automaker’s plan to have 85 percent of vehicles sold in the U.S. produced in North America.