Nasdaq cracks 4,000 for first time in 13 years
NEW YORK — Upbeat news from the housing industry and luxury retailer Tiffany & Co. nudged the stock market higher Tuesday.
Investors also got another market milestone when the Nasdaq composite closed above the 4,000 mark for the first time in 13 years.
The event follows two other round-number moments last week. The S&P 500 index closed above 1,800 for the first time, and the Dow Jones industrial average finished above 16,000.
The Nasdaq closed up 23.18 to 4,017.75. The last time the index closed above the 4,000 level was Sept. 6, 2000. The other major stock indexes inched higher. The Dow rose less than a point to 16,072.80. The S&P 500 index also rose less than a point, to 1,802.75.
FAA releases directive about Boeing engines
WASHINGTON — Airlines that operate some Boeing 787s and 747s will be required to steer clear of some very large thunderstorms under a new rule from the Federal Aviation Administration.
The airworthiness directive published Wednesday is meant to prevent ice build-up inside General Electric engines. The storms include those with clouds more than 60 miles across.
The FAA says it knows of nine instances where ice being sucked into an engine caused it to lose power. Two of those incidents caused engine damage on 747-8s.
Japan Airlines has changed some routes already to avoid those storms. In the U.S., the rule covers seven 787s flown by United Continental, as well as some cargo-hauling 747-8s..
Boeing assembles the 787 in North Charleston and Everett, Wash.
Barnes & Noble swings to 2Q profit as sales lag
NEW YORK — Barnes & Noble returned to a profit in its fiscal second quarter as it invested less in its Nook e-book reader and cost cuts offset lower sales. Sales missed expectations. The
Net income for the three months ended Oct. 26 was $13.2 million, compared with a loss of $501,000 a year ago. Revenue fell 8 percent to $1.73 billion.
US home prices rose at a slower pace for Sept.
WASHINGTON — U.S. home prices rose more slowly in September than in August, a sign that weaker sales are preventing the kinds of sharp price gains that occurred earlier this year.
The S&P/Case-Shiller 20-city home price index rose 0.7 percent, down from a 1.3 percent gain from July to August.
Monthly price gains slowed in 19 of the 20 cities tracked by the index, which covers roughly half of U.S. homes. It does not include Charleston.
Men’s Wearhouse bids $1.54B for Jos. A. Bank
NEW YORK — Men’s Wearhouse is turning the tables on its recent pursuer, offering to buy Jos. A. Bank for approximately $1.54 billion. The offer comes less than two weeks after Jos. A. Bank withdrew its $2.3 billion bid for its rival.
Men’s Wearhouse director Bill Sechrest said Tuesday the company reviewed its options after Bank’s bid went public.
Consumer confidence hits seven-month low
WASHINGTON — U.S. consumers’ confidence in the economy fell in November to the lowest level in seven months, dragged down by greater concerns about hiring and pay in the coming months.
The Conference Board said Tuesday that its index of consumer confidence dropped to 70.4 from 72.4 in October. The October reading was higher than initially reported, but still well below the 80.2 reading in September.
Confidence plunged in October on worries about the shutdown. November’s decline was mostly due to concerns about the next six months.
Staff and wire reports
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