Welcome to Strib Biz Live.
This is a new service from the business news department of the Star Tribune.
We’ll use live blog software throughout the market day to keep you informed of business news, discussions and developments in real time, or as close as we can get to it. Such software, along with social media tools like Twitter, Facebook and Instagram, are changing the way people work and communicate.
With two dozen reporters and editors, the Star Tribune runs one of the largest business news operations between the two coasts. We cover a state whose $300 billion economy is the 17th largest in the U.S., but whose people punch above their weight economically, with per-person output that is ranked 14th.
We cover one of the most diverse economies in the country. We don’t have a dominant industry the way that New York City, Silicon Valley, Washington, D.C., and some other metro areas and states do. Minnesota remains a powerful center of agriculture and food processing as it has been for nearly two centuries. But it’s also home to world –leading health care providers and medical device makers. It’s an important center of financial services and creative marketers and retailers. Its miners and manufacturers produce raw material, tools and components that are used in almost every conceivable physical good. And on top of all of that, tens of thousands of Minnesotans are having their lives and careers reshaped by a once-a-generation economic event: the rise of our neighbor North Dakota as a major center for American energy production.
As well, we compete in a market filled with smart journalists and demanding readers. This new platform gives us a way to communicate with you not just more quickly but in a manner that is different than is allowed by the conventions of a story on the printed page or even one that’s online. It’s going to be less formal, even raw. You’ll see how our thinking on business news and events evolves through the day. Most importantly, you can get involved in telling us news and shaping our thinking more quickly and directly, through e-mail and Twitter.
Strib Biz Live will begin before the market opens and close out shortly after market close. Today, we’re off to a little bit later start as we iron out some technicalities.
We begin on a day when the markets have taken a jump that’s being chiefly attributed to the news over the weekend that Larry Summers, the former Treasury Secretary and White House aide, decided to no longer be a candidate to become chairman of the Federal Reserve. Summers had been seen as more hawkish about ending the Fed’s stimulus program than the other chief candidate, Janet Yellen. The last two weeks have seen a fairly high-profile campaign develop against the Summers candidacy. For Summers, the writing was literally on the front page of Saturday’s Wall Street Journal with the headline “Path to Fed Job Gets Bumpier for Summers.”
At 9 a.m. local time, about 30 minutes into trading, the Dow Jones Industrial Average was up nearly a full percentage point at 15,515.
U.S. stocks closed mostly higher and commodities fell today. News has been dominated by the shooting at the Navy Yard.
Tomorrow in Minnesota, we've got the metro economic data coming out. And it's launch day for Target of 14 new stores in Canada.
Good evening from Strib Biz.