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Tuesday Afternoon Business Brief

May 1, 2012, 1:15 PM

Tuesday Afternoon Business Brief

A better than expected report on the nation's manufacturing sector has helped Wall Street to rally. With a triple-digit gain, the Dow is on track for its highest close in more than four years.

  • Toyota and Chrysler enjoyed U.S. sales gains in April.  Ford sales fell 5 percent, while GM had an 8 percent decline.
  • The Institute for Supply Management says U.S. manufacturing grew last month at the fastest pace in 10 months. New orders, production and a measure of hiring all rose. The group's index came in at 54.8.
  • Aubrey McClendon has announced he's giving up the chairmanship of Chesapeake Energy Corp. following shareholder complaints that his personal business interests could conflict with those of the company he runs. The founder of the company plans to remain as CEO.
  • A new policy barring foreign tourists from buying marijuana in the Netherlands has gone into effect in parts of the country today. Attention is focused on the southern city of Maastricht, where a cafe was warned over violating the ban and around 200 smokers marched in protest.

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