Business briefs: Stocks closed higher for third day

April 17, 2014 

Stocks close

higher for third day

NEW YORK --Stocks closed higher for the third day in a row on Wednesday as investors welcomed a crop of solid company earnings and encouraging economic news from China and the U.S. The major stock indexes hit their highest level since April 9. Yahoo and Delta Air Lines posted some of the biggest gains. For every stock that declined, nearly four rose.

On Wednesday:

• The Dow Jones industrial average rose 162.29 points, or 1 percent, to 16,424.85.

• The Standard & Poor's 500 index gained 19.33 points, or 1.1 percent, to 1,862.31.

• The Nasdaq composite added 52.06 points, or 1.3 percent, to 4,086.23.

Young professionalsto host luncheon April 30

BRADENTON -- The Manatee Young Professionals will host its monthly MYPower Networking Lunch on April 30.

The lunch will be held from 11:45 a.m. to 1 p.m. at Renaissance on 9th, 1816 Ninth St. W., Bradenton. Attendees will have an opportunity to present a 60-second "commercial" about their business and who their ideal client would be. MYP will also be making "Cards of Cheer" as a community service project for Meals on Wheels during the lunch.

The cost, which includes lunch, is $12 for paid MYP members and $17 for all others. Reservations are required. Contact Lindsey at LindseyL@ManateeChamber.com or call 941-748-4842, ext. 133. This event is open to the first 45 reservations only.

La-Z-Boy cutting 100 jobs in North Carolina

MONROE, Mich. -- La-Z-Boy Inc. is closing two facilities and eliminating 100 jobs in North Carolina as part of a larger restructuring of its business.

The furniture maker said Wednesday that it will idle two North Wilkesboro facilities and put them up for sale. It will move warehouse and repair functions from those sites to another North Carolina plant.

La-Z-Boy, which is based in Monroe, Mich., is also ending production of some of its bedroom furniture at the Hudson facility in the second quarter as it shifts to importing all of its wood furniture. It plans to exit a business that sells furniture to hotels and sell its youth furniture business.

AmEx posts higher profit as spending picks up

NEW YORK -- American Express said Wednesday its net income climbed in the first quarter, helped by higher spending by its cardholders even as cold winter weather gripped much of the country.

The New York-based company said its cardholders spent 6 percent more in the first three months of the year, driving up revenue for both its U.S. and international card businesses.

Unlike Visa and MasterCard and other credit-card companies, American Express issues its own cards. So when cardholders charge more on their AmEx cards, the company receives more fees from stores as well as more income from interest.

--Herald staff, wire reports

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