Stocks rise as Dow nears 11,000 mark
NEW YORK -- Stronger reports on jobs and services industries lifted the stock market Monday and pushed the Dow Jones industrial average toward the 11,000 mark.
The Dow rose about 46 points and closer to crossing the psychological benchmark of 11,000 for the first time in 18 months. The growing confidence about the economy hurt demand for Treasurys and drove up interest rates.
The economic numbers pushed Treasury prices lower. The yield, which moves opposite its price, rose to 3.99 percent from 3.94 percent late Friday.
Force Protection lands Kuwait work
A Ladson company that makes armored vehicles has received a $82.3 million federal contract. Force Protection Inc. said Monday that the deal with the Marine Corps Systems Command is for installing independent suspension systems on Cougar vehicles. The work will be done in Kuwait and is expected to be finished by the end of the year.
Apple: 1st-day iPad sales exceed 300,000
SAN FRANCISCO -- Apple Inc. said Monday that it sold more than 300,000 iPads on its opening day, meeting the expectations of some analysts while underscoring the challenges the company still faces marketing the much-anticipated device beyond early adopters.
The figures, which included pre-orders picked up or delivered Saturday, were hardly exceptional despite weeks of hype about the device.
In a note Monday, Piper Jaffray analyst Gene Munster had doubled his initial forecast of first-day sales to between 600,000 and 700,000, saying that "lines were longer than expected and supply was also better than expected." But the actual numbers announced by Apple were closer to his original estimates.
Still, first-day U.S. sales of the iPad exceeded those of the original iPhone in 2007, he said. He expects Apple to sell 1.3 million iPads this quarter compared with 1.1 million for the iPhone in its first full quarter.
GM to install brake safety technology
DETROIT -- General Motors said Monday that it will install a brake safety measure that can prevent unintended acceleration on all its new vehicles worldwide by 2012.
The announcement comes as federal regulators consider making the technology mandatory on new cars and trucks after Toyota's problems with vehicles that can speed out of control. Congress also is exploring the issue.
GM has not had major problems with unintended acceleration,. It said it was taking the step as a means of reassuring customers about the safety of its vehicles.
Whole Foods tuna subject of recall
Whole Foods Market is recalling frozen yellow fin tuna steaks, with best-by dates of Dec. 5, 2010, because they could have elevated levels of histamine. High levels of histamine can cause an allergic reaction called scombroid poisoning. Symptoms include tingling or burning sensation in the mouth, facial swelling, rash, hives and itchy skin, nausea, vomiting or diarrhea. Two incidents have been reported.
The fish was sold in South Carolina and 29 others states and the District of Columbia. For details, call 512-542-0656.