Tuesday Evening Business Brief
August 26, 2014, 5:41 PM
- In a history-making day on Wall Street, the Standard & Poor's 500 index closed over 2,000 for the first time, after stocks got a lift from encouraging economic reports, including a surge in consumer confidence. The index, which was launched in 1957, has risen 8.2 percent this year and has gone close to three years without a correction. That's defined on Wall Street as a drop of 10 percent or more.
- General Motors and government officials are expected to announce new vehicles and jobs tomorrow at a factory in Spring Hill, Tennessee. GM says an announcement is scheduled for Wednesday at the plant. The plant is likely to get new Cadillac and GMC crossover SUVs in addition to its current product, the Chevrolet Equinox.
- The fight for the coffee and breakfast crowd is heating up, both at home and abroad. Burger King has announced that it will buy Tim Hortons in an $11 billion deal that would create the world's third largest fast-food chain. The company is hoping to turn the coffee-and-doughnut chain into a household name outside Canada, and give itself a stronger foothold in the booming morning business.
- Employees who had been embroiled in a lengthy and sometimes violent labor dispute have voted to return to work for three Northwest grain merchants - in time for the wheat harvest. The International Longshore and Warehouse Union said today that 88 percent of its members voted to ratify a contract running through May 2018. It includes work rule changes and raises.
- The director of market intelligence at an investor relations firm was arrested on insider trading charges today and accused of using drafts of press releases to illegally earn more than a half-million dollars. Prosecutors said that Michael Lucarelli was a director at Manhattan-based Lippert/Heilshorn & Associates Inc. when he made the illegal trades over the last year.
© 2014 Associated Press. All rights reserved. Material may not be redistributed.