Category Insurance Industry

Stocks Edge Higher Despite Mario Monti Shocker; McDonald’s Boosts Dow


Former Italian Prime Minister Mario Monti.

NEW YORK — Stocks edged higher Monday on Wall Street after a strong sales report from McDonald’s (MCD) offset concerns about the surprise resignation of Italy’s prime minister. Investors also waited for developments in crucial U.S. budget talks.

The Dow Jones industrial average rose 14.75 points to 13,169.88. The index traded within a narrow range of just 56 points throughout the day. The Standard and Poor’s 500 finished 0.48 point higher at 1,418.55. The Nasdaq composite ended up 8.92 points at 2,986.96.

McDonald’s rose 93 cents to $89.41. A key sales figure rose in November as U.S. customers bought more breakfast offerings and limited-time Cheddar Bacon Onion sandwiches.

Robert Pavlik, chief market strategist at Palm Beach, Fla...

Read More

Kenneth Feinberg to Step Down From ‘Pay Czar’ Role

Kenneth Feinberg will relinquish his role as Treasury’s “pay czar” later this summer to focus on administering the BP (BP) $20 billion oil spill fund, a Treasury spokesman said late Wednesday.

A specific date for Feinberg’s departure wasn’t specified, and a replacement hasn’t yet been chosen. BP and the White House agreed last week that Feinberg would administer the fund because of his expertise. The announcement came following a meeting to pressure BP officials to pay damage claims related to the massive spill of oil into the Gulf of Mexico.

It was a year ago that Feinberg began his position watching over pay practices at financial institutions and automakers that received “extraordinary” government bailouts...

Read More