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NEW YORK (AP) — U.S. stocks ended higher on Tuesday and the Dow notched a new record following a trading day that saw a big jump in the price of oil. Benchmark U.S. crude gained almost 6 percent, its biggest jump in seven months, to close at $45.81 a barrel. Technology stocks also rose, in a break with the pattern that's dictated the markets since the election. All told, the Dow picked up 54 points-- a gain that was partly held back by quarterly losses from Home Depot and Boeing. The Nasdaq picked up 57 and the S&P rose 16.
ST. LOUIS (AP) — Boeing says it plans to cut 500 jobs and move about 2,500 more as part of an effort to operate its Defense, Space & Security business more efficiently. The company says the moves will be completed by 2020 and will lead to the shutdown of two facilities. The majority of staffing changes will affect plants in Southern California. El Paso, Texas and Newington, Virginia will see plant closures.
WASHINGTON (AP) — A government watchdog says the FAA has little to show for a decade of work to modernize air traffic control, and will have to spend billions more to achieve its goals. A report by the Department of Transportation's inspector general says the FAA estimates it will spend almost $6 billion to finish work on six "transformational" technology programs at the heart of its modernization effort. But there's no timetable or cost estimates for completion of those programs, and work will extend beyond 2020.
DETROIT (AP) — Ford CEO Mark Fields says the presidential election won't change the company's plans to move small car production to Mexico. President-elect Donald Trump has repeatedly criticized Ford for moving production to Mexico and has called for a 35-percent tariff on goods shipped from Mexico. In an interview with CNBC, Fields warned that a tariff would affect the entire industry — and autoworkers' profit-sharing checks — as many companies sell Mexican- and Canadian-made vehicles or parts.
NEW YORK (AP) — Shareholders of Carmike Cinemas have approved the movie theater operator's sale to Chinese-owned AMC Theatres in a move that solidifies AMC's status as the largest movie theater operator in the world. The deal includes $585 million in cash and $250 million in AMC's Class A common stock. AMC is also assuming about $367 million in debt in the deal.
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