Tuesday Morning Business Brief
September 10, 2013, 8:48 AM
- It might be hard for the stock market to top yesterday's performance, but investors are anxiously waiting to see what happens. Stocks finished the day with some solid gains and the Dow industrials rose 140 points, finishing above 15,000 for the first time in more than two weeks. The S&P 500 gained 16 points. The Nasdaq composite rose 46 points. Based on futures trading, Wall Street is looking for gains at this morning's opening.
- International stock markets rose today, buoyed by positive data from Japan and China and some relief that concerns over Syria have receded with Russia's offer to press Damascus to put its chemical weapons under international control. Benchmark crude oil fell below $109 per barrel. The dollar gained against the euro and the yen.
- There's an atmosphere of high anticipation in northern California where Apple later today will unveil its take on the iPhone during an annual ritual that will likely cast a spotlight on the gadget maker's drive to regain market share and step up its sluggish pace of innovation. In keeping with its tight-lipped ways, Apple Inc. hasn't disclosed what's on the agenda for the coming-out party scheduled to begin at 10 a.m. PDT at its Cupertino, Calif. headquarters.
- China's factory output expanded in August at its fastest rate this year in a new sign the world's second-largest economy is recovering from its deepest slump since the 2008 global crisis. The government reports that industrial production rose 10.4 percent, up from July's 9.7 percent. The signs of economic revival will ease pressure on Chinese leaders who want to focus on longer-term structural reforms.
- Koch Industries Inc. is buying electronic components and cables maker Molex for about $7.2 billion. Koch, run by the billionaire brothers Charles and David, says it will pay $38.50 per Molex Inc. share. That's a 31 percent premium to the company's common stock price of $29.34 on Friday. The companies put the deal's total value at about $7.2 billion when stock options and restricted stock for Molex are added to the valuation of its outstanding shares.
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