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Dow reaches higher...Oil prices are down... US economy expands

Wednesday - 3/6/2013, 6:41pm  ET

NEW YORK (AP) -- The Dow Jones industrial average is pushing farther into record territory, a day after surging past its previous all-time high. The Dow closed up 42 points at 14,296 today. Yesterday, it surged 126 points to 14,253, clearing the previous record by 90 points. That record was set in October 2007. The S&P 500 was up about 1/1/2 points at 1,541. The Nasdaq fell 2 points.

NEW YORK (AP) -- The price of oil has regained some of its earlier losses after a report from the Federal Reserve showed the economy strengthened across much of the country. Benchmark oil for April delivery fell 39 cents today to finish at $90.43 a barrel on the New York Mercantile Exchange. It had dropped as low $89.55 after the government reported a big increase in the U.S. oil stockpile.

WASHINGTON (AP) -- The U.S. economy is expanding. The Federal Reserve says 10 of 12 regions report moderate or modest growth in January and February, while the Boston and Chicago districts report slow growth. Consumer spending increased in most regions, largely driven by auto sales. Housing markets showed more strength nearly everywhere. In most regions, manufacturing showed modest improvements.

MENLO PARK, Calif. (AP) -- Facebook says the chancellor of the University of California at San Francisco will join its board of directors. Susan Desmond-Hellmann will be the second woman elected to company's board, joining Facebook's No. 2 executive, Sheryl Sandberg. Before serving as chancellor, Desmond-Hellmann was an executive at biotechnology drugmaker Genentech.

MILWAUKEE (AP) -- Johnson Controls says it's hired bankers to explore selling its auto electronics business, but denies a report it's trying to sell its auto interiors unit. The company makes a variety of auto parts, batteries for cars and other products and building products such as heating and ventilation systems. The electronics unit houses products such as infotainment systems and lighting controls.

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