Market Minute: Money Floods into Wall Street; Obama Nixes Apple Ban
Money keeps pouring into the stock market, and the White House comes to the aid of Apple. Those and more are what's in business news Monday.
The Dow industrials (^DJI) and the S&P 500 (^GPSC) both start the week at record highs after posting solid gains last week. The Nasdaq (^IXIC) jumped more than 2 percent for the week. It's at the highest level in 12 years, but still 27 percent below its all-time high.
The Obama Administration has handed a victory to Apple (AAPL) in its long-running patent dispute with Samsung. The U.S. International Trade Commission had ruled in June to ban the import and sale of some older iPhones and iPads. But the U.S. Trade Rep overturned that ruling, citing the potential harm to consumers. Other cases between the two rivals are still pending.
The ruling could have broad implications for the tech world. Microsoft (MSFT), Intel (INTC), AT&T (T) and others could benefit if this decision sets a precedent in other patent disputes.
The discount carrier JetBlue Airways (JBLU) is going upscale. The Wall Street Journal reports (subscription required) the airline plans to add premium seats on some flights. Some of those seats will convert into lie-flat beds.
There's a good reason Warren Buffett is known as the Oracle of Omaha. His company, Berkshire Hathaway (BRK.B), posted a 46 percent jump in quarterly earnings after the market closed Friday. Each Berkshire's Class A (BRK.A) share trades at more than $176,000.
General Motors (GM) sold 11 percent more cars in China last month than it did a year earlier. GM is the sales leader in China, running slightly ahead of Volkswagen and Toyota Motor (TM).
Time Warner Cable (TWC) and CBS (CBS) could both be under pressure after failing to reach a deal on fees. Time Warner on Friday dropped CBS from its cable line-up, affecting more than 3 million viewers in New York, Los Angeles and Dallas.
And New York Times Co. (NYT) has agreed to sell the Boston Globe to the primary owner of the Boston Red Sox.