Nasdaq closes above 4,000; other indexes inch upward
Upbeat news from the housing industry and luxury retailer Tiffany & Co. nudged the stock market higher Tuesday.
Investors also got another market milestone when the Nasdaq composite closed above 4,000 for the first time in 13 years, rising 23.18 points, or 0.6 percent, to 4,017.75. That followed two other round-number moments last week, when the Standard & Poor’s 500 index closed above 1,800 for the first time, and the Dow Jones industrial average finished above 16,000.
The other two major stock indexes inched higher. The Dow rose less than a point to 16,072.80. The S&P 500 index also rose less than a point, to 1,802.75.
Flights of Boeing 787s, 747s into large storms restricted
Airlines that operate some Boeing Co. 787s and 747s will be required to steer clear of some very large thunderstorms under a new rule from the Federal Aviation Administration.
The airworthiness directive to be published Wednesday is meant to prevent ice build-up inside General Electric engines. The storms include those with clouds more than 60 miles across.
Tax issue forces Chrysler to delay its IPO until 2014
Chrysler’s inability to resolve a routine tax issue quickly enough led the automaker to delay its initial public offering until next year, according to three people with knowledge of the matter.
Chrysler needs a letter from the IRS to clarify tax liabilities after the IPO and didn’t want to proceed without it, said the people, who asked not to be identified because the matter is private. An offering of union- held shares may be held in the first quarter, said Fiat SpA, which owns 58.5 percent of the third-largest U.S. automaker.
Consumer confidence slips unexpectedly, board says
Confidence among U.S. consumers unexpectedly declined in November to a seven-month low as Americans grew more pessimistic about the labor-market outlook.
The Conference Board’s index fell to 70.4 in November from a revised 72.4 a month earlier that was stronger than initially estimated, the New York-based private research group said Tuesday.
Home building permits top 1 million, hit five-year high
The number of U.S. residential building permits issued in October surpassed 1 million, the highest level in five years.
Building permits in October were up 6.2 percent from the month before and up 13.9 percent from a year earlier, reaching 1,034,000, government figures show.