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Record close for S&P 500

Monday, July 11, 2016 - 01:28

The S&P 500 broke the record high as upbeat economic data and low bond yields funneled investors into U.S. stocks. Fred Katayama reports.

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The S&P 500 broke a record, closing at a new high Monday. Upbeat data from Friday's strong jobs report and low bond yields drove money into stocks. S&P Global's Erin Gibbs: (SOUNDBITE) ERIN GIBBS, EQUITY CHIEF INVESTMENT OFFICER, S&P GLOBAL, (ENGLISH) SAYING: "The U.S. economy is looking better than the rest of the world, and we're seeing more fund flows come into the stock market." Boeing raised its forecast for demand for new planes. So did rival Airbus. Both are betting that rising wealth in Asia will offset risks of slowing growth in China and Britain. Starbucks workers in the U.S. will see fatter paychecks. The coffee chain said it will boost wages by 5 to 15 percent starting October. The move comes after employees said cutbacks in work hours were hurting morale and service. Tesla shares rising. The CEO of the electric car maker, Elon Musk, tweeted that he plans to soon publish part two of what he called his "top secret Tesla masterplan." But after the close, CNBC reported that securities regulators are investigating the company for a possible breach of securities law after not notifying investors of the fatal autopilot accident. Talent management agency WME-IMG is buying martial arts organizer Ultimate Fighting Championship for $4 billion, according to a source. European shares rose for the third straight session. Steel and financial shares led the way.

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Record close for S&P 500

Monday, July 11, 2016 - 01:28