Good morning from the business news desk of the Star Tribune.
Stocks in Asia and Europe rose overnight and U.S. futures indicate a positive opening. Because the Dow closed at 15,961 and change on Friday, financial journalists have turned their attention to the next headline-making plateau: Dow 16,000. It could happen this week. As of today, the market has gone 135 trading days since the benchmark index hit 15,000 for the first time. A surge past 16,000 may like a pretty short time for a 1,000-point gain but it would actually be only the sixth-fastest such jump. Of course, as the Dow goes higher, 1,000-point jumps mean less as percentage of overall growth in market value.
News-wise, airlines in the Middle East this morning committed to buying $150 billion in new planes from Boeing and Airbus. The order bookings were led by Boeing's 777X model, which launched at the show. Emirates bought the most and is making a push to become the dominant carrier between Europe and Asia.
Here in Minnesota, the drama at ValueVision took a new turn this morning as the investor group pushing for a new board and new executives, called Clinton Group, rejected the company's decision last week to put off a shareholder meeting on their proposals until March. Clinton Group said the Eden Prairie company is showing a "shocking disregard for shareholder rights."
Keep an eye on Mosaic Co. stock this morning because there's word from Russia that a settlement is nearly at hand in the dispute between two companies whose breakdown of a potash marketing arrangement created uncertainty about prices and profits that spilled on to the Plymouth company, which is North America's biggest producer of potash. Some analysts, however, are saying that resolution involving OAO Uralkali won't give a boost to potash prices.
Wow Dow 16,000, that took no time at all. And the S&P has just crossed 1,800.