Issue link: https://www.epageflip.net/i/215520
10A Daily News – Friday, November 22, 2013 Dow average closes above 16,000 for the first time NEW YORK (AP) — The Dow Jones industrial average finished above 16,000 for the first time Thursday as the blue-chip index races toward its best performance in a decade. The Dow has been on fire lately, propelled higher by a combination of solid corporate earnings, a steadily strengthening economy and easy-money policies from the Federal Reserve. Since the start of the year, the Dow is up 22 percent and has now topped three 1,000 point milestones in 10 months. It eclipsed 14,000 in February and 15,000 in May. If it holds onto its gains, it would notch its strongest performance since 2003. ''The market has come a long way,'' said Dan Seiver, an economist at San Diego State University. ''It's a sign of just how far financial markets have recovered.'' The Dow has more Wall Street than tripled since its bear market low in March 2009. Back then, the country was in the worst downturn since the Great Depression, the housing market had collapsed and individual investors had abandoned stocks. Now, with the economy recovering and confidence returning, small investors are coming back in. ''People are getting out of bonds into stocks,'' said Steven Ricchiuto, chief economist at Mizuho Securities. ''We're in the early stages of a recovery.'' The Dow rose 109.17 points, or 0.7 percent, to close at 16,009.99 Thursday. The Standard & Poor's 500 index rose 14.48 points, or 0.8 percent, to 1,795.85. The Nasdaq composite rose 47.88 points, or 1.2 percent, to 3,969.15. In a sign that investors are taking on more risk, small-company stocks rose at a much faster pace than the rest of the market. The Russell 2000 index jumped 19.83 points, or 1.8 percent, to 1,119.62. The Labor Department reported before the market opened that applications for unemployment benefits dropped last week to the lowest level since September. The number of applications is close to where it was before the Great Recession. General Motors rose after the U.S. government said it expects to sell its remaining stake in the company by the end of the year. The Treasury Department got shares after bailing out GM five years ago, but once its sells, the automaker will be free of restrictions on executive pay that came with the bailout. It would also be free to pay dividends if it chooses. GM gained 43 cents, or 1.1 percent, to $38.12. The stock is up 32 percent this year. ''Having the Treasury out is probably some- thing that is going to be positive for the shares,'' said Jeff Morris, head of U.S. equities at Standard Life Investments. ''Some investors are probably a bit spooked by having a meaningful amount of government ownership.'' Johnson Controls was among the biggest gainers in the S&P 500. The company, which makes heating and ventilation systems for buildings, said its board approved a $3 billion increase in its share buyback program. The company rose $2.13, or 4.4 percent, to $50.35. In government bond trading, the yield on the 10-year note edged down to 2.79 percent from 2.80 percent Wednesday. The yield, which is a benchmark used to set interest rates on many kinds of loans, including home mortgages, is the highest it's been since Sept. 17. Jury orders Samsung to pay Apple $290 million SAN JOSE (AP) — A Silicon Valley jury on Thursday added $290 million more to the damages Samsung Electronics owes Apple for copying vital iPhone and iPad features, bringing the total amount the South Korean technology titan is on the hook for to $930 million. The verdict covers 13 older Samsung devices that a previous jury found were among 26 Samsung products that infringed Apple patents. The previous jury awarded Apple $1.05 billion. But U.S. District Judge Lucy Koh ordered the new trial and tossed out $450 million of the damages after concluding that jury miscalculated the amount Samsung owed. Apple had asked for $380 million, arguing Samsung's copying cost it a significant amount of sales. Samsung countered that it owed only $52 million because the features at issue weren't the reasons most consumers chose to buy Samsung's devices instead of Apple's. Samsung said it would appeal both verdicts. ''For Apple, this case has always been about more than patents and money,'' Apple spokeswoman Kristin Huguet said. ''While it's impossible to put a price tag on those values, we are grateful to the jury for showing Samsung that copying has a cost.'' A third trial is sched- uled for March to consider Apple's claims that Samsung's newest devices such as the popular Galaxy S III on the market also copied Apple's technology. Apple and Samsung are the world's two biggest smartphone makers. The bitter rivals have been waging a global battle for supremacy of the $300 billion worldwide market. The size of the award didn't faze Wall Street or harm or help either company's financial fortunes in any significant way. All makes and models. We perform dealer recommened Members Welcome 30K, 60K, 90K SERVICES AT LOWER PRICES Smog Check $ starting at + 25958 $ 25 certificate (MOST CARS & PICK-UPS) 527-9841 • 195 S. Main St. Call for free estimate (530) 527-0842 www.nsbd.biz Stromer Realty Specializing in Residential to Ranches 590 Antelope Blvd Red Bluff (530) 527-3100