Business briefs: S&P notches another record high

June 7, 2014 

S&P records another record high

NEW YORK -- News that U.S. employers added workers at a good clip for the fourth straight month helped send the stock market higher Friday.

The Standard & Poor's 500 index notched another record high, its eighth in the past 10 days.

For the week, the index climbed 1.3 percent, the third straight in which it has posted solid gains.

Before the market opened, the Labor Department said employers added 217,000 jobs to their payrolls in May, in the range of what economists had expected.

The unemployment rate stayed put at 6.3 percent. Wall Street forecasters had expected it to inch up.

The S&P 500 index gained 8.98 points, or 0.5 percent, to close at 1,949.44.

The Dow Jones industrial average rose 88.17 points, also 0.5 percent, to 16,924.28, and the Nasdaq composite climbed 25.17 points, 0.6 percent, to 4,321.40.

UPS elevates former package loader to CEO

United Parcel Service Inc. on Friday announced the appointment of chief operating officer David Abney to the role of chief executive.

Abney, 58, becomes the company's 11th CEO and will replace Scott Davis, 62, who will retire from the company. Davis will serve as non-executive chairman.

Abney's career at UPS, the Atlanta-based company, began in 1974 when he was a part-time package loader, the company said in a statement.

His appointment will be effective Sept. 1, the company said.

Billionaire seeks to help climate-change victims

FRESNO, Calif. -- An environmentalist billionaire who has pledged to spend tens of millions of dollars targeting Republicans who reject climate change said Friday he is creating a fund to help victims of extreme weather disasters, starting with wildfires in the American West.

Tom Steyer and his wife, Kat Taylor, launched the Climate Disaster Relief Fund that will draw on the couple's personal profits from investments in Kinder Morgan, one of the largest energy companies in North America.

Climate change leads to warming temperatures, drought and insect outbreaks, which exacerbate costly wildfires, Steyer said in a statement.

"Climate change is the defining issue of our generation," he said. "We can no longer afford to wait to address this very real threat."

A retired hedge fund manager and longtime Democratic donor, Steyer has pledged to spend up to $100 million this year in political campaigns nationwide to shape climate policy -- half his money and the rest raised from likeminded donors.

The money will be used to back Democrats and attack Republicans running for Senate in New Hampshire, Iowa, Colorado and Michigan, and for governor in Pennsylvania, Florida and Maine.

-- Herald wire reports

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