Led by Apple Inc., tech stocks help lift market
NEW YORK - Stocks rose in quiet trading Monday as investors start to close the books on 2013. Apple Inc. helped lift technology stocks after the company reached a deal to sell the iPhone to China's largest wireless carrier.
The market has been moving broadly higher since last Wednesday, when the Federal Reserve said it will start pulling back on its stimulus program next month as the U.S. economy improves. Last week the government also raised its estimate for third-quarter economic growth to 4.1 percent, the fastest pace since 2011.
The Dow Jones industrial average rose 73.47 to 16,294.61. The Standard & Poor's 500 index was up 9.67 to 1,827.99. The Nasdaq composite rose 44.16 to 4,148.90.
Trading was very light ahead of the Christmas holiday.
The market is heading for its best year in more than a decade.
Men's Wearhouse offer rejected by Jos. A. Bank
NEW YORK - Jos. A. Bank Clothiers Inc. said Monday its board unanimously rejected a takeover offer from competitor Men's Wearhouse, saying the $1.54 billion bid is too low.
Hampstead, Md., company Jos. A. Bank said it will continue to look into acquisition opportunities that would create value for its shareholders.
Jos. A. Bank offered to buy its larger rival in September for $2.3 billion. Men's Wearhouse turned down that offer, and after Jos. A. Bank dropped the bid, Men's Wearhouse offered to buy its rival for $1.54 billion. A combination could create a menswear powerhouse of more than 1,700 outlets.
US consumer spending up 0.5% in November
WASHINGTON - Americans increased their spending in November by the most in five months, and their income edged up modestly.
The Commerce Department says consumer spending rose 0.5 percent from October, when spending had risen 0.4 percent. It was the best showing since June. The gain was driven by a jump in spending on long-lasting durable goods such as autos.
Consumers' income rose 0.2 percent, an improvement from a 0.1 percent decline in October. Wages and salaries, the most important component of income, rose a solid 0.4 percent. The gain reflected strength in the private sector and a modest gain in government pay.
Disney elects Twitter's Jack Dorsey to board
NEW YORK - Disney is adding Twitter chairman and Square CEO Jack Dorsey to its board of directors.
Walt Disney Co. says Dorsey is joining the board effective immediately. He will stand for election to a full term at the company's annual meeting on March 18.
Dorsey, 37, co-founded Twitter and sent the first Tweet in March 2006. He has been chairman of the company since 2008 and was also Twitter's first CEO. He founded mobile payment processor Square Inc. in 2009 and is now CEO.
Dorsey replaces Judith Estrin. Estrin has been on the board for 15 years and can't run for a new term under Disney's corporate rules. She is a former executive for Cisco Systems and now runs JLABS LLC.
Plastics firm to expand factory in Orangeburg
A Canadian company is expanding a Orangeburg County plastic injection modeling plant. Quality Models of Ontario said the $3 million investment will create 26 jobs.
"The expansion ... is needed to support our Southeastern U.S. customer base," said Bill Szekesy, president of Quality Model South Carolina.
Since the Orangeburg plant opened in 2005, Quality Model said it has invested more than $13 million and created 75 jobs.
Staff and wire reports