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Nightly Business Report - Tuesday April 2 2013

Nightly Business Report - Tuesday April 2 2013

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Tonight on Nightly Business Report -- Stockton, California is now under bankruptcy protection and the focus will be on whether the city will meet its pension obligations. We take a look at the nation's growing pension crisis
Tonight on Nightly Business Report -- Stockton, California is now under bankruptcy protection and the focus will be on whether the city will meet its pension obligations. We take a look at the nation's growing pension crisis

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Published by: Nightly Business Report by CNBC on Apr 03, 2013
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 <Show: NIGHTLY BUSINESS REPORT><Date: April 2, 2013><Time: 18:30:00><Tran: 040201cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for April 2, 2013, PBS><Sect: News; International><Byline: Susie Gharib, Tyler Mathisen, Phil LeBeau, Eamon Javers, JaneWells><Guest: Rebecca Lindland, David Garrity, Josh Rauh><Spec: Business; Health and Medicine; Insurance; Stock Markets; Automotive Industry;Economy; Cities; Stockton, California; Policies><Time: 18:30:00>ANNOUNCER: This NIGHTLY BUSINESS REPORT with Tyler Mathisen and SusieGharib. Brought to you by --(COMMERCIAL AD)SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Still going. The Dowand the S&P 500 close at all-time highs again. Health insurers lead the way.TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: All revved up.
Consumers put any worries about the economy in the rearview mirror as auto sales have their strongest showing in more than five years. Can the sales pace continue?GHARIB: And pension pinch. Stockton, California`s bankruptcy has put the nation`s pension troubles in the spotlight once again. What you need to know.All that and more coming up.Good evening, everyone. Well, Tyler, another day of new milestones on Wall Street.MATHISEN: You would think we were back in the first quarter of 2013, wouldn`t you?It was another day of records for U.S. blue chip stocks.The Dow and the S&P 500 finished at all-time closing highs, driven by gains in health carecompanies, by strong U.S. factory orders, and by word that European officials had given Cyprusan extra year until 2017 to get its budget in shape. That sent European shares roughly 2 percenthigher in the major markets and gains there spilled over here into the U.S.U.S. stocks were little affected by a mid-day speech by an Atlanta Fed President DennisLockhart. He said the Central Bank may be able to trim its bond-buying stimulus plan by year end if the economy picks up.At the close, the Dow was up about 89 points, as you see there at 14,662. The NASDAQcomposite higher by almost 16 at 3,254 and change. And the S&P 500 was eight points high at1570.25.GHARIB: Well, automakers saw strong sales for the month of March. At this rate, 15million cars would be sold this year. Still, that`s about 2 million from the industry peak. Astrengthening economy is seen as just one of the many reasons.Phil LeBeau has all the numbers.
(BEGIN VIDEOTAPE)PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Solid autosales numbers for the month of March as the automakers posted a third straight month, whichmade the first quarter one of the strongest for the auto industry since the beginning of 2007.Across the board, all the automakers posted solid gains in the range between 1 percent and 5 percent depending on the automaker. For the most part, they were in line with expectations.What drove sales in month of March?A couple of things. First of all, there is the improving economy and pent-up demand.Remember, the average vehicle on the road right now is close to 11 years old. Crossover utilityvehicles also surged last month.GM and Ford both posting double-digit gains.And pickup trucks were also solid. Sales improving due to the improving housingmarket. A couple of things stand out about March sales.First of all, look at what happened with the luxury auto brands. All up substantially, infact, outpacing the industry as a whole.Cadillac leading the way with a gain of 49.5 percent in large part due to the demand for the new entry level Cadillac ATS.And also take a look at electric vehicles. The Tesla Model S, which sells for well abovewhat the Chevy Volt and Nissan Leaf sell for, it outsold the Volt and the Leaf in the first quarter.Again, electric vehicles still a very small percentage of the overall market. But so far thisyear, Tesla`s Model S has been outselling the Leaf and the Volt. And shares of Tesla surging toa new all-time high today.

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