Thursday, August 21, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Stock market ekes out another record high

By
June 10, 2014 |

NEW YORK — Call it the ho-hum market. Another day, another record high.

News of a handful of corporate deals sent some stocks jumping Monday. And Family Dollar climbed following news that investor Carl Icahn has taken a stake in the company.

With no major economic reports to drive the market, U.S. indexes made slight gains in the morning then slouched back toward the breakeven mark in the afternoon. The Standard & Poor’s 500 index still managed to close at another all-time high, rising 1.83 points, or less than 0.1 percent, to 1,951.27.

The Dow Jones industrial average edged up 18.82 points, or 0.1 percent, to 16,943.10, while the Nasdaq composite index gained 14.84 points, or 0.3 percent, to 4,336.24.

The S&P 500 has been on a steady climb for three weeks, lifting the benchmark for most investment funds by 4 percent the last month.

Judging by some measures, that sudden success makes it look like the S&P 500 has moved “too far, too fast,” said Joe Bell, senior equity analyst at Schaeffer’s Investment Research.

But there are still plenty of traders making bets against the market. People have also taken billions out of mutual funds that invest in U.S. stocks week after week, according to the Investment Company Institute.

“We don’t think there’s an overwhelming amount of optimism right now,” Bell said.

In corporate deal news, Hillshire Brands rose $3.14, or 5 percent, to $62.06 after Tyson Foods emerged as the winner in a bidding war for meat processor.

Merck announced a deal to buy Idenix Pharmaceuticals for $3.85 billion, an acquisition that would give the pharmaceutical giant Idenix’s array of treatments for hepatitis C. Idenix soared $16.56, or 229 percent, to $23.79.

Apple’s stock rose $1.48 cents, or nearly 2 percent, to $93.77. That’s after closing at $645.57 on Friday. The difference reflects Apple’s 7-for-1 stock split, which gave every Apple stockholder six additional shares for every share they owned

In a disclosure filed to regulators late Friday, Carl Icahn said he and his affiliates have picked up a 9 percent stake in Family Dollar, a discount store, and plan to look for changes to boost the company’s value. Family Dollar’s stock jumped $8.09, or 13 percent, to $68.62.

Some investment analysts have been warning that the market is past due for a 10 percent drop, known as a “correction,” because there hasn’t been one since August 2011 — nearly three years. Since World War II, corrections typically hit every 18 months on average, according to S&P Capital IQ.

Jim Paulsen, the chief investment strategist at Wells Capital Management, said he wouldn’t rule one out this year. But such a downturn requires the right environment, one in which investors get too greedy for their own good. Right now, he said, there’s too much caution.

“It’s going to take some time before people get so greedy that they’re going to do stupid stuff and blow us up,” Paulsen said.

In the market for U.S. government bonds, the yield on the 10-year Treasury edged up to 2.60 percent from 2.59 percent late Friday. Yields rise when bond prices fall. The price of oil rose $1.75 to $104.41 a barrel.

 

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

First day back to school brings laughter, jitters

By Susan Hiland | From Page: A1 | Gallery

 
Potrero Hills Landfill legal appeals exhausted

By Barry Eberling | From Page: A1

Railroad crossing stalemate continues

By Barry Eberling | From Page: A1

 
Breakfast after the Bell wins support

By Mayrene Bates | From Page: A2

Fairfield candidates hear about lean, nimble city staff

By Ryan McCarthy | From Page: A3 | Gallery

 
 
Suisun city employees get pay raise

By Ian Thompson | From Page: A3

Girls on the Run seeks volunteer life coaches

By Ian Thompson | From Page: A4

 
College finalizes police department takeover, OKs bond plan

By Amy Maginnis-Honey | From Page: A4

 
Free e-waste collection to benefit Scarlet Brigade

By Susan Hiland | From Page: A4

Fairfield mayor to appear at GOP dinner

By Susan Hiland | From Page: A4

 
Fairfield police log: Aug. 19, 2014

By Susan Hiland | From Page: A10

Suisun City police log: Aug. 19, 2014

By Susan Hiland | From Page: A10

 
Weather for Aug. 21, 2014

By Daily Republic | From Page: B10

.

US / World

Governor criticizes new-hire pension enhancements

By The Associated Press | From Page: A1

 
US mission to rescue hostages in Syria failed

By The Associated Press | From Page: A1

US official: More airstrikes in Iraq

By The Associated Press | From Page: A1

 
Beheading spurs new attacks on Islamic militants

By The Associated Press | From Page: A1

Militants use British killer as propaganda

By The Associated Press | From Page: A1

 
School sorry for making special ed kids sort trash

By The Associated Press | From Page: A4

Police seek mystery pair in selfies after burglary

By The Associated Press | From Page: A4

 
Teens deny threatening boy in school shooting plot

By The Associated Press | From Page: A5

Panel OKs state librarian despite initial concerns

By The Associated Press | From Page: A5

 
Navy kicks out 34 for nuke cheating

By The Associated Press | From Page: A10

CHP says officer may face serious beating charges

By The Associated Press | From Page: A10

 
8 homes destroyed, 1,500 threatened by wildfire

By The Associated Press | From Page: A10

Drought has state debating its unregulated pumping

By The Associated Press | From Page: A10

 
Holder says he understands mistrust of police

By The Associated Press | From Page: A10

Liberian slums barricaded as Ebola sets new record

By The Associated Press | From Page: A10

 
North Korea insults John Kerry over his looks

By The Associated Press | From Page: A10

Ukrainian govt troops take over much of Luhansk

By The Associated Press | From Page: A10

 
Picture emerges of officer in Ferguson shooting

By The Associated Press | From Page: A10

.

Opinion

 
Tell the story, don’t be it

By Ruben Navarrette | From Page: A7

Everyone can benefit from ‘the talk’

By Kelvin Wade | From Page: A7

 
We’re spending way too much on raising our kids

By Megan Mcardle | From Page: A7

Editorial Cartoons: Aug. 21, 2014

By Daily Republic Syndicated Content | From Page: A7

 
California needs pedestrian-friendly neighborhoods

By Letter to the Editor | From Page: A7

.

Living

Today in History: Aug. 21, 2014

By The Associated Press | From Page: A2

 
Community Calendar: Aug. 21, 2014

By Susan Hiland | From Page: A2

Horoscopes: Aug. 21, 2014

By Holiday Mathis | From Page: A9

 
Why do parents drink alcohol after their children’s games?

By Kathy Mitchell and Marcy Sugar | From Page: A9

.

Entertainment

TVGrid

By Daily Republic Syndicated Content | From Page: A5

 
And the Emmy winners are…? We’re happy to guess!

By The Associated Press | From Page: A6 | Gallery

Aniston, Hamm, Hudson set to Stand Up to Cancer

By The Associated Press | From Page: A6

 
Emmys: Billy Crystal to pay tribute to Williams

By The Associated Press | From Page: A6 | Gallery

.

Sports

Peavy pitches Giants to 8-3 win over Cubs

By The Associated Press | From Page: B1

 
WR Stevie Johnson adds depth to 49ers

By The Associated Press | From Page: B1

Fairfield boxer Avila set to put perfect 15-0 record on the line

By Brian Arnold | From Page: B1 | Gallery

 
Giants win protest, rain-shortened game to resume Thursday

By The Associated Press | From Page: B1

A’s stumble and must regroup with Angels coming

By The Associated Press | From Page: B1

 
Raiders FB Reece’s injury not as bad as feared

By The Associated Press | From Page: B1 | Gallery

Las Vegas spoils Mo’ne’s night, beats Philly 8-1

By The Associated Press | From Page: B2 | Gallery

 
Sharks F Torres undergoes surgery on right knee

By The Associated Press | From Page: B2

US routs Dominicans in exhibition as Rose rests

By The Associated Press | From Page: B2

 
Schilling blames chewing tobacco for mouth cancer

By The Associated Press | From Page: B2

Reality check for Phelps at Pan Pacific Champs

By The Associated Press | From Page: B2

 
Kent State starting center dies at 21

By The Associated Press | From Page: B2

Serena Williams seeded No. 1 at US Open; Halep 2nd

By The Associated Press | From Page: B2

 
Tony Stewart skipping 3rd straight race after Ward’s death

By The Associated Press | From Page: B2 | Gallery

This date in sports history for Thursday, Aug. 21, 2014

By The Associated Press | From Page: B4

 
Sports on TV for Thursday, Aug. 21, 2014

By Paul Farmer | From Page: B4

.

Business

Brine firm sues over biblical fracking billboard

By The Associated Press | From Page: B5

 
Apple’s stock bounces back to hit a new high

By The Associated Press | From Page: B5

BofA reaches $17B settlement with US

By The Associated Press | From Page: B5

 
.

Obituaries

George ‘Wayne’ Hause

By Nancy Green | From Page: A4

 
Sharon Ilene Boyd

By Nancy Green | From Page: A4

David G. Gibson

By Nancy Green | From Page: A4

 
Charles (Chuck) H. Doty

By Susan Hiland | From Page: A4

.

Comics

Baldo

By Daily Republic Syndicated Content | From Page: A8

 
Pickles

By Daily Republic Syndicated Content | From Page: A8

Garfield

By Daily Republic Syndicated Content | From Page: A8

 
Sally Forth

By Daily Republic Syndicated Content | From Page: A8

Wizard of Id

By Daily Republic Syndicated Content | From Page: A8

 
Rose is Rose

By Daily Republic Syndicated Content | From Page: A8

Zits

By Daily Republic Syndicated Content | From Page: A8

 
Peanuts

By Daily Republic Syndicated Content | From Page: A8

Blondie

By Daily Republic Syndicated Content | From Page: A8

 
Dilbert

By Daily Republic Syndicated Content | From Page: A8

Frank and Ernest

By Daily Republic Syndicated Content | From Page: A8

 
For Better or Worse

By Daily Republic Syndicated Content | From Page: A8

Beetle Bailey

By Daily Republic Syndicated Content | From Page: A8

 
Get Fuzzy

By Daily Republic Syndicated Content | From Page: A8

Baby Blues

By Daily Republic Syndicated Content | From Page: A8

 
B.C.

By Daily Republic Syndicated Content | From Page: A8

Crossword

By Daily Republic Syndicated Content | From Page: A9

 
Sudoku

By Daily Republic Syndicated Content | From Page: A9

Word Sleuth

By Daily Republic Syndicated Content | From Page: A9

 
Cryptoquote

By Daily Republic Syndicated Content | From Page: A9

Bridge

By Daily Republic Syndicated Content | From Page: A9