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Dow Industrials posted a triple-digit gain today, snapping a 6-session losing streak. Ironically, they both got a lift from a deal for a chain of steakhouses. There were also big mergers in the pharmaceutical and hotel sectors. Let's look at those numbers: The Dow finished up about 119 points or 1 percent, NASDAQ Composite up about 1.51 percent or 35 points, the S&P 500 up over a percent as well. So some good news there.
Also, shares of Kos Pharmaceuticals gained an explosive 53 percent after agreeing to be acquired by Abbott Labs. Also helping the charge were shares of OSI Restaurant Partners, which jumped more than 22 percent.
OSI, the parent of Outback Steakhouses, agreed to a $3.2 billion buyout by a private equity group. But online retailer Overstock.com did not join the party. Its shares plunged nearly 18 percent after the company reported a bigger loss in the third quarter.
And in another news, for workers, a government pension was traditionally money in their bank, but those retirement plans are breaking the back now for many states and municipalities. So, more of those governments are reportedly looking for ways to reduce pension payouts. According to the New York Times, officials are pursuing loopholes, so they can reduce the retirement benefits that are often written into union contracts. For example, in Texas, the state's constitution allows cities and towns to hold referendums on cutting pensions for government retirees, and Houston did just that. Earlier this year, San Diego cut pensions for some disabled retirees by 10 percent. And other cities and states are looking to do the same. Richard?
En, big news there, Gerri. My...both my parents are public employees, we are public employees. How many people is this going to affect?
Well, your mom and dad are part of a group of 15 million people nationally believed to qualify for state and local government pensions. The government is trying hard to scale back the payouts, because they simply become too expensive.
And finally if you are traveling around Christmas, try to hitch a ride on Santa's sled, otherwise you may spend a pretty penny on airfare. Travel experts predict holiday plane tickets would be 15 percent higher than a year ago. Fares have been on the rise all year as airlines try to offset rising fuel prices. Analysts also cite growing consumer demand at a time when fewer flights are taking off. Almost all carriers have to look to trim their schedules and save on fuel and labor costs. But the most aggressive flight reductions have come from airlines that are in bankruptcy, or emerging from it, and as you know, Richard, there are plenty of those.
Yeah, those are a dime a dozen unfortunately. All right, thanks Gerri, (You are welcome) have a good one.
hitch a ride: Solicit a free ride, especially by hitchhiking.
I've no car; can I hitch a ride home with you?
a dime a dozen: very common and not valuable
Sam told her not to worry, jobs like that were a dime a dozen
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