Dow, S&P at new highs, get boost from Macy’s

NEW YORK — Macy’s gave the stock market some early holiday cheer.

Stock indexes climbed back into record territory Wednesday after the department store chain gave an optimistic forecast for holiday sales.

The S&P 500 rose 14.31 to 1,782, its 34th record close this year. The Dow Jones industrial average gained 70.96 to 15,821.63, also a record. The Nasdaq composite rose 45.66 to 3,965.58, well below its record close of 5,048.52 reached in March 2000.

German auto company FEV picks N. Charleston

A German automotive supplier will set up shop later this month at Clemson University Restoration Institute in North Charleston, creating seven jobs initially.

FEV GmBH develops advanced powertrain and vehicle technologies and is one of the first companies to locate in the Energy Systems Innovation Center at the Clemson satellite operation.

The location will provide design, analysis, prototyping and system development for the company. It also plans to develop and test in-vehicle systems and other technologies.

The FEV Group employs more than 2,600 people on three continents. Its U.S.-based FEV Inc. has more than 450 employees at its North American Technical Center in Auburn Hills, Mich.

S.C. Chamber summit is underway at IOP resort

The state’s largest business advocacy group is meeting on the Isle of Palms this week. The South Carolina Chamber of Commerce is holding its 34th annual summit at Wild Dunes Resort through Friday.

The bulk of the program is set for Thursday, when panelists will discuss topics such as tort reform, infrastructure needs, the Affordable Care Act, taxes and manufacturing skills.

Also, U.S. Senator Lindsey Graham and The InterTech Group CEO Anita Zucker will be recognized as public servant and business leader of the year, respectively.

On Friday, Gov. Nikki Haley will attend the summit to announce the findings of her Regulatory Review Task Force, which was tasked with finding ways reduce burdens that state rules impose on employers.

Cisco posts lower net income for first quarter

NEW YORK — Cisco said Wednesday its fiscal first-quarter revenue grew slower than expected and net income declined. Cisco Systems Inc. earned $2 billion, during the quarter, down 5 percent from a year earlier. Revenue increased 2 percent to $12.09 billion.

Cisco’s performance is widely regarded as a bellwether for the technology industry. That’s because the company cuts a broad swath, selling routers, switches, software and services to corporate customers and government agencies.

Motorola unveils budget smartphone, aimed at world

NEW YORK — Motorola is making a cheaper smartphone aimed at emerging markets and budget-conscious U.S. consumers.

The company, which is owned by Google., says the new Moto G phone runs recent Android software and has processors, screens and other components approaching what’s found in many high-end phones. But it’s just a third of the price.

The phone starts at $179 without a contract requirement. That’s for a phone with 8 gigabytes of storage. Most phones have at least 16 gigabytes. Moto G costs $199 for a 16-gigabyte version.

Staff and wire reports