Stocks snap streak of losses on budget cuts in Spain
NEW YORK — Stocks notched their first gain of the week Thursday after Spain announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
It was the best day for the U.S. market since Sept. 13, when Federal Reserve Chairman Ben Bernanke announced further steps by the central bank to speed the economic recovery.
Stocks also were helped by speculation that the central bank of China will act soon to help the world’s No. 2 economy.
The Dow Jones industrial average climbed 72.46 to close at 13,485.97. The S&P 500, after five days of declines, closed up 13.83 at 1,447.15. The Nasdaq composite index rose 42.90 to 3,136.60.
Cause of engine failure on 747 differs from 787
The General Electric engine that failed before a Boeing 747-8 cargo jet could take off from Shanghai this month did not fail in the same way as a similar engine powering a South-Carolina-built 787 Dreamliner did in late July.
That’s according to the Civil Aviation Administration of China’s preliminary investigation, which reversed an earlier statement by the National Transportation Safety Board, the NTSB said Thursday.
Whereas the local plane’s GEnx-1B engine’s fan midshaft fractured, that part of the GEnx-2B engine in Shanghai “showed no indications of cracking,”, according to the NTSB. Both engine failures remain under investigation.
Flaminia to be unloaded today at German port
The container ship MSC Flaminia, which was badly damaged by a fatal fire and explosions at sea after leaving the Port of Charleston July 8, will be unloaded today at a German port, according to the ship’s owner, Reederei NSB.
The still-unexplained fire and explosions on July 14 in the mid-Atlantic killed the first officer and injured members of the crew. Another crewman is missing and presumed dead, and Reederei NSB said DNA samples were taken from a relative so that any body parts that may be found while unloading the ship may be tested.
The 984-foot ship had been towed by salvage tugs to Jade Weser Port in Wilhelmshaven, arriving Sept. 9.
Dorchester Rd. bowling center closed for good
The 32-lane Dorchester Lanes bowling alley that’s served area bowlers for about 30 years near Summerville has closed.
The bowling center at 10015 Dorchester Road at Ladson Road beside Big Lots apparently went dark on Saturday without much fanfare. The owner could not be reached for comment Thursday.
U.S. rate on 30-year mortgage at record low
WASHINGTON — Average U.S. rates on fixed mortgages fell again to record lows. The decline suggests that the Federal Reserve’s stimulus efforts may be having an impact on mortgage rates.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That’s down from last week’s rate of 3.49 percent. The average on the 15-year fixed mortgage fell to 2.73 percent.
Tempur-Pedic buying Sealy in $228.6M deal
NEW YORK — Mattress rivals Tempur-Pedic and Sealy are becoming bedfellows. Tempur-Pedic, the 20-year-old leader in foam mattresses, is buying more-than-a century-old rival Sealy for about $228.6 million in cash.
Staff and wire reports