NEW YORK — The stock market edged higher Wednesday after a court cleared the way for Germany to participate in a European rescue fund. Attention then shifted to the Federal Reserve, which began a big two-day meeting.
The highest court in Germany ruled that the country could contribute to Europe’s $640 billion rescue fund. The Fed wraps up its meeting today, and investors and economists expect it to announce new steps to stimulate growth.
The Dow Jones industrial average climbed 9.99 to 13,333.35, a four-year closing high. The S&P 500 rose 3.0 to 1,436.56. The Nasdaq index climbed 9.78 to 3,114.31.
The State Ports Authority’s repeated attempts to sell 51 acres of waterfront land in Port Royal near Beaufort have fallen through again.
The latest would-be purchaser, Port Royal Redevelopment Group, received four extensions to close on the $17 million deal. Its last extension expired at 5 p.m. Wednesday.
The SPA said the group “was unable to complete a complex financial transaction that was to fund the acquisition of the property.” The land will be re-appriased and remarketed, the SPA said.
The second Boeing 787 Dreamliner made in South Carolina took its maiden flight Wednesday, a month and a half after a fiery engine failure aborted its first attempt.
The jet lifted off from Charleston International Airport at 2:05 p.m., according to the flight-tracking website FlightAware, and landed in Jacksonville, Fla., at 3:48 p.m. A Boeing spokeswoman declined to confirm the flight, citing company policy.
The National Transportation Safety Board continues to investigate why that GEnx-1B engine’s driveshaft fractured, causing debris to shoot out and ignite a small fire in the grass near the runway.
NEW YORK — McDonald’s restaurants in the U.S. soon will get a new menu addition — the number of calories in the chain’s burgers and fries.
The hamburger chain said Wednesday it will post calorie information on restaurant and drive-thru menus nationwide starting Monday. The move comes ahead of a regulation that could require major chains to post the information.
McDonald’s also is testing healthier options for next year, such as an Egg McMuffin made with egg whites that clocks in at 260 calories.
NEW YORK — It’s still summer for a few more days, but the holidays are already heating up at Toys R Us.
The largest U.S. specialty toy retailer outlined its plan for its busiest season Wednesday, including adding a “hot toy” reservation system, beefing up services like layaway and ship-to-store, and offering more exclusive toys like its $149.99 Tabeo tablet.
LONDON — U.K. defense contractor BAE Systems PLC and European aerospace company EADS NV announced Wednesday that they are in talks about combining their businesses.
The deal would create a global aerospace and defense giant in a sector facing challenges and uncertainties amid cuts to government defense budgets in Europe and the United States.
The merged companies would have combined sales of more than $90.3 billion and more than 220,000 employees.
Staff and wire reports