NEW YORK — For now, bad news is good for the stock market. Investors judged that the latest weak economic reports will make it more likely that the Federal Reserve will continue to stimulate the economy and support a rally on Wall Street.
On Monday, a measure of U.S. manufacturing fell in May to its lowest level since June 2009 as overseas economies slumped and weak business spending reduced new orders to factories.
That helped convince investors that the Fed won’t slow its $85 billion a month bond-buying program, a major support for the rally in stocks.
The Dow Jones industrial average rose 138.46 to 15,254.03. The S&P 500 climbed 9.68 to 1,640.42. The Nasdaq rose 9.46 to 3,465.37.
Davis Aircraft Products, a maker of aviation tubing systems, is setting up manufacturing operations in Georgetown County. The $5.5 million investment is expected to generate 100 new jobs.
The company will produce its patented Wolfbend product line, used in fuel delivery systems of aircraft. The plant in Andrews is expected to begin operations in spring 2014.
The company will begin hiring in spring 2014. Anyone interested in job opportunities should e-mail firstname.lastname@example.org.
Berkeley Electric Cooperative will hold the grand opening and dedication of its new Awendaw district office from 11 a.m. to 1 p.m. Saturday.
Co-op members can tour the 15,000-square-foot facility at 7200 Highway 17. The building replaces the former office which closed in April.
WASHINGTON — Spending on U.S. construction projects rose in April despite weakness in residential projects and government spending.
Construction spending rose 0.4 percent in April, compared with March, when spending fell a revised 0.8 percent, the Commerce Department reported Monday.
Construction activity has been volatile in recent months, falling by a record 4 percent in January, but rising in February only to drop in March.
NEW YORK — Even as fast-food chains tout their healthy offerings, they’re also coming up with fatty new treats to keep customers interested. Case in point: Dunkin’ Donuts is adding a doughnut breakfast sandwich to its national menu this week.
The sandwich, which comes with fried eggs and bacon between a split glazed doughnut, will become a part of the permanent menu starting Friday. Dunkin’ Donuts had tested the sandwich in select stores in Massachusetts in April.
Dunkin’ Donuts says the doughnut sandwich clocks in at 360 calories, less than the 390 calories for its turkey sausage sandwich it recently introduced.
Packed planes should help the world’s airlines earn $12.7 billion this year, as travel demand accelerates faster than the airlines add seats, according to a new prediction from a trade group.
The estimate represents a 67 percent increase over the $7.6 billion in profits last year. The new estimate is a 20 percent jump over IATA’s estimate just three months ago.
Staff and wire reports