As Summers bows out of Fed race, stocks rise
NEW YORK — Wall Street was happy to see Larry Summers go.
Stocks rose on Monday after Summers, who had been the leading candidate to replace Federal Reserve chairman Ben Bernanke, withdrew his name from consideration.
Summers, a former Treasury secretary, was viewed as being more likely to rein in the government’s massive stimulus program, which has kept interest rates low and boosted corporate profits.
Stocks were also helped by news that U.S. factory output rose 0.7 percent in August, the most in eight months.
The Dow Jones industrial average rose 118.72 to close at 15,494.78. The Standard & Poor’s 500 index rose 9.61 to 1,697.60. The Nasdaq composite fell 4.34 to 3,717.85, pulled down by a loss in Apple.
Bombardier CSeries jet has maiden test flight
MONTREAL — Bombardier’s CSeries aircraft completed its maiden flight in a successful test run of a new narrow-body airplane.
Thousands of employees, suppliers and invited guests cheered as the CS100 plane lifted off at Mirabel airport north of Montreal on Monday. It landed about 2.5 hours later. Bombardier Aerospace president Guy Hachey says the CSeries is the world’s first new narrow-body design in 26 years.
The first 110- to 125-seat CS100 is slated to enter into service in about a year, barring delays, which analysts say is likely.
Montreal-based Bombardier, the world’s third-largest maker of civilian commercial aircraft, has said it hopes to capture half the global market of the 100-to-149-seat planes, and has marketed the plane as being 20 percent more fuel-efficient than the comparable Airbus A320 and Boeing 737 family of aircraft.
GM developing electric car; range is 200 miles
WARREN, Mich. — A top General Motors Co. executive says company engineers are working on an electric car that can go 200 miles per charge and cost around $30,000.
Vice President of Global Product Development Doug Parks wouldn’t say when or if such a car will be built. But he says automakers are racing to develop batteries that will go that far at a lower cost.
Currently GM sells the $35,000 Chevrolet Volt plug-in hybrid, which can go 38 miles on electricity before a gas-powered generator kicks in. It also offers the all-electric Chevy Spark subcompact that can go 82 miles on a charge. It starts at $26,685.
Parks says GM has technology to match the 200-mile range of the $71,000 Tesla Model S.
U.S. factory output up 0.7% led by auto plants
WASHINGTON — U.S. factories increased output in August by the most in eight months, helped by a robust month at auto plants. The gains are a hopeful sign that manufacturing could help boost economic growth in the second half of the year.
Manufacturing production rose 0.7 percent last month from July, the Federal Reserve said Monday. That’s the biggest increase since December. It followed a 0.4 percent decline in July.
Automakers increased production 5.2 percent, after a 4.5 percent decline in July. And factories stepped up production of other goods, including computers and electronics, furniture and business equipment.
Turkey Talk Line to get its 1st male spokesman
NEW YORK — This year if you call Butterball’s Turkey Talk Line for some cooking advice, you might get a male voice on the line.
For the first time, Butterball is enlisting the help of men as well as women for its Turkey Talk Line during the holidays. And the turkey seller is seeking the first male talk-line spokesman this year as well.
The talk line, which is 32 years old this year, has long offered advice to anyone overwhelmed by making the perfect turkey for Thanksgiving Day and the rest of the year-end holiday season.