November 26, 2013

Briefcase

Stock market mixed as Nasdaq hits a milestone

The stock market paused Monday, ending on a mixed note, after a string of records in recent weeks.

Investors had little company-specific news to digest, although the U.S. and other world powers reached a deal to limit Iran’s nuclear program, an event that pushed down oil prices and energy stocks.

Despite light trade, Monday did feature another market milestone. The Nasdaq rose as high as 4,007.09, a level it hasn’t seen since Sept. 7, 2000, during the dot-com bubble. The index ended up 2.92 points, or 0.1 percent, at 3,994.57.

The Dow Jones industrial average rose eight points, or 0.1 percent, to 16,072.54. Meanwhile, the Standard & Poor’s 500 index fell 2 points, or 0.1 percent, to 1,802.48.

Chrysler won’t offer stock for sale to public this year

Chrysler won’t be offering its stock for sale on the public markets this year.

Italian automaker Fiat SpA, Chrysler’s majority owner, said in a statement Monday that Chrysler’s board has determined an initial public offering is “not practicable” in 2013.

Instead, Chrysler Group LLC will continue work on the offering so it can happen in the first quarter of next year, the statement said.

Fiat owns 58.5 percent of Chrysler’s shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health care bills for blue-collar retirees.

WTO says ‘moral’ reasons can justify seal import ban

The World Trade Organization has ruled that the European Union can ban the import and sale of seal products for “moral” reasons.

Canada and Norway had challenged the ban on the grounds that it was inconsistent. It grants exceptions to support indigenous Arctic communities that export limited amounts of seal products and to protect fisheries’ nets and their catch.

Canada and Norway claim such exceptions discriminate against them.

– From news service reports

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