Dow hits another record...Pickups lead surge in auto sales...New player among agents

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Associated Press

Posted on April 2, 2013 at 5:02 PM

NEW YORK (AP) — The Dow touched another record high today, buoyed by strong sales reports from U.S. automakers, a rise in factory orders and healthy gains on European markets. The Dow was up as much as 112 points this morning before closing with an 89 point gain at 14,662. The S&P 500 rose eight points to 1,570, while the Nasdaq added 16 to 3,255.

DETROIT (AP) — America is getting back to work, and that means pickup trucks are in demand. Strong truck demand last month drove U.S. auto sales to their highest monthly total since August 2007, as everyone from oil and gas producers to local home builders raced to replace the aging trucks they held onto during the recession. Autodata Corp. says overall auto sales rose 3.4 percent to 1.45 million in March.

WASHINGTON (AP) — With home prices up, foreclosures down and construction up, there's a new sign of the U.S. housing market's revival: Fannie Mae, the mortgage giant that nearly collapsed five years ago, has earned its biggest yearly profit ever. Fannie Mae earned $17.2 billion last year and says it expects to stay profitable for "the foreseeable future." It also paid $11.6 billion in dividends to the U.S. Treasury in 2012.

NEW YORK (AP) — Goldman Sachs has taken Apple off its list of most highly recommended stocks, joining other analysts who have been dialing back expectations for the company. Goldman analyst Bill Shope tells clients that the iPhone 5 hasn't sold as well as he expected and the company needs some real "hits" among the products it rolls out during the second half of the year. However, Shope is keeping a "Buy" rating for the company.

NEW YORK (AP) — There's a new player in the sports agent market. Musician Jay-Z's Roc Nation and CAA Sports have formed a company and lured one of the New York Yankee's stars from Scott Boras. Robinson Cano says he wants to take "a more active role" in his business affairs, both on and off the field. The New York Yankees second baseman can become a free agent after the season. He's currently making $15 million a year.

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