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Dow retreats from record high

Tuesday, Nov 12, 2013 - 01:53

Nov. 12 - Summary: Robot rings Nasdaq bell; Markets dip on mixed Fed messages; Airline merger back on track; Dish Network gains subscribers; D.R. Horton revenue jumps. Bobbi Rebell reports.

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That is Universal Robots' UR5 robot arm ringing the closing bell at the Nasdaq- the first time a non-human rang the closing bell there. It marks the debut of the new robotics stock index. But the markets did not have a great day, closing mostly lower on light volume after the Dow hit a new record on Monday. But Chet Helck, CEO of Raymond James Private Client Group says the market's current levels make sense: CHET HELCK, CEO GLOBAL PRIVATE CLIENT GROUP, RAYMOND JAMES (ENGLISH) SAYING: "If you think about it in historical perspective, though the markets are back to a level just slightly above where they were over a decade ago and yet we've seen tremendous amounts of innovation and prosperity occur, albeit not at the pace any of us would like to see, but it's a different world than it was a decade ago and the markets are back to where they were and maybe slightly above. There will be corrections and yes we'll go through it but I'm a believer that there are better days ahead. " Several Federal Reserve officials spoke about the Fed's stimulus program but they had a lot of different views leaving investors uncertain about the Fed's plans. In Europe: shares edged lower on weak corporate results. The planned merger between US Airways and American Airlines could be back on plan. The companies will divest some of their take off and landing spots, including at Washington DC's Reagan airport, to settle a government lawsuit blocking the merger on concerns it would hurt competition and lead to higher fares. Dish Network stock was a winner. The satellite TV provider is getting closer to reaching a deal with Disney Networks to keep their programming on board. Dish also reported better-than-expected subscriber numbers and revenue in the third quarter. Shares of DR Horton, the top U.S. homebuilder, jumped in Tuesday trading. Revenues jumped 40 percent thanks to a sales increase as mortgage rates eased off two-year highs.

Dow retreats from record high

Tuesday, Nov 12, 2013 - 01:53

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