Latest Business News: S&P 500, Dow Rise to Fresh Highs

Union Pacific CEO Jack Koraleski says that while his Omaha-based railroad's earnings rose 13% to $2.37 per share, investors are instead focusing on a decline in volume and car-loadings that was offset only by price increases. It's a scenario that places outsized importance on the prospects of this $70 billion business, especially now that the Dow Jones Industrials and S&P 500 have surged to fresh new highs. David Lutz, head of ETF trading at Stifel Nicolaus, says many market mavens have been waiting for this kind of confirmation of the 'Dow Theory,' where both the Industrials and the Transports are making new highs. Sprint?s new unlimited wireless plan, announced last week after its $21.6 billion acquisition by Japan?s SoftBank, did not deliver the aggressive price cuts that some analysts had expected. But cheaper plans could be coming. China urged local governments to speed up spending this year's budget to support economic growth but said it would keep overall policy stable and focus on pushing through reforms.
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