Industrials lead stocks up for second gain in row
NEW YORK -- General Electric and other industrial companies pushed stocks higher after another choppy session Tuesday, the second consecutive day of gains. It was the first back-to-back gains since the last week of August and only the third time the market has closed higher this month.
Investors have been struggling with uncertainty over the European debt crisis and questions over which way the U.S. economy is going, said Ryan Detrick of Schaeffer's Investment Research.
That fear of the unknown has made markets especially volatile. Traders seem to be hanging on every piece of news or rumor out of Europe.
Michigan manufacturer to open facility in Pickens County
COLUMBIA -- JR Automation Technologies plans to open a facility in Pickens County, creating 54 high-paying jobs over five years, the company said Tuesday.
The Holland, Mich.-based company plans to invest more than $2 million in an engineering, sales and manufacturing plant. The company designs and makes automation equipment for auto, pharmaceutical, food and other industries.
JR Automation plans to outsource about 30 percent of its work to local machine shops and metal fabricators.
Fidelity ousts manager of famed Magellan fund
NEW YORK -- Fidelity Investments is replacing the manager of its struggling Magellan fund, once the largest mutual fund in the world, the company said Tuesday. Jeffrey S. Feingold, manager of Fidelity's Trend fund and several others, will succeed Henry Lange, who led Magellan since 2005.
Lange was the latest in a series of managers to run Magellan since Peter Lynch left in 1990. His tenure has been marked by disappointing performance. Year-to-date, Magellan is down 12.6 percent, compared with a 7.6 percent decline in the S&P 500.
H&R Block refund loan deal won't be offered in 2012
NEW YORK -- H&R Block said that it won't offer refund anticipation loans next tax season because it is getting more new clients and the appeal of the high-cost loans is shrinking.
Block prepared 6.5 percent more tax returns this year over last year, even though it lost its bank funding for making loans based on anticipated federal tax returns just before tax season. Regulators ordered the bank that provided the money, HSBC, to stop funding the loans.