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Spokane, Washington  Est. May 19, 1883
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Briefcase

News of Europe bailout lifts U.S. stock markets

NEW YORK – Stock indexes closed Monday at the highest point since the U.S. debt limit showdown in August. The market was driven higher by a round of big corporate takeovers and reports that Europe’s bailout fund will be larger than originally thought. The Nasdaq composite turned positive for the year.

Even with concerns about Europe, U.S. companies are still reporting bigger profits. “Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point,” Caterpillar chief executive Doug Oberhelman said.

The maker of construction equipment reported a 44 percent surge in income, more than Wall Street analysts were expecting, thanks to strong growth in exports. The company said it expected the global economy to continue recovering, albeit slowly. Caterpillar jumped 5 percent, the most of the 30 companies in the Dow.

Associated Press

Airlines announce new round of fare hikes

DALLAS – The nation’s biggest airlines are raising their fares again.

United, Continental and Delta added up to $5 each way to ticket prices for many flights within the U.S. It’s the second hike in a week after more than two months when base fares were largely unchanged.

Airlines have tried to raise prices about 20 times this year, and about half the hikes have stuck. Airlines often roll back price increases if key competitors don’t match them.

Associated Press

Mattel buying maker of Bob the Builder

EL SEGUNDO, Calif. – Mattel has agreed to buy the company behind Bob the Builder and Thomas the Tank Engine for $680 million in cash, the toy maker’s biggest acquisition in a decade.

The owner of Barbie, Hot Wheels and Fisher Price toys announced Monday that it is buying Hit Entertainment from a consortium led by private equity firm Apax Partners.

Mattel Inc. already markets many Thomas & Friends die-cast and plastic toys under a license that extends until 2014. Global sales of those toys are more than $150 million.

Associated Press