Dow up 51 points; gold sets record
Johnson & Johnson was the Dow's top performer on Tuesday, with shares rising more than 3%.
April 19th, 2011
05:15 PM ET

Dow up 51 points; gold sets record

Some highlights from the day's business news:

Dow bolstered by J&J earnings

Stocks staged a modest advance Tuesday, following a sharp selloff on Monday, as investors' attention turned to corporate earnings and the latest housing reports.

"The market continues to focus more broadly on earnings, which so far this season have been mixed," said Peter Cardillo, chief market economist with Avalon Partners.

The Dow Jones industrial average was up 51 points, or 0.4%; the S&P 500 gained 5 points, or 0.4%, and the Nasdaq Composite added 4 point, or 0.1%.

Johnson & Johnson was the top performer on the Dow, with shares rising more than 3%, after the company reported better-than-expected sales and earnings. Alcoa, Caterpillar and DuPont were other big gainers.

Traveler's was the biggest drag on the blue-chip index, falling more than 1.4%.

Gold tops $1,500 for first time

Gold prices topped a record $1,500 for the first time on Tuesday, shattering an important psychological barrier as investors seek out investments thought to be safe during times of upheaval.

Many investors see gold as the best place to park their money when there's economic or policital uncertainty, and there has been plenty of that to go around.

The price spike also comes against the backdrop of market uncertainty that has sent investors looking for an alternative to the weak U.S. dollar. And gold has been the marquee beneficiary.

On Monday, it was a dour outlook on U.S. debt that sent gold prices higher. Standard & Poor's lowered its outlook for America's long-term debt to "negative" from "stable," based on uncertainty surrounding the nation's fiscal problems.

Gold futures for June delivery hit an intraday record of $1,500.50 an ounce near midday, before retreating to settle at $1,495.10 an ounce - also a new record.

CEOs earn 343 times more than typical workers

In 2010, chief executives at some of the nation's largest companies earned an average of $11.4 million in total pay - 343 times more than a typical American worker, according to the AFL-CIO.

"Despite the collapse of the financial market at the hands of executives less than 3 years ago, the disparity between CEO and workers' pay has continued to grow to levels that are simply stunning," said Richard Trumka, AFL-CIO president.

In an effort to shine a light on CEO pay, the AFL-CIO examined chief executive salaries at 299 firms traded on the S&P 500. Their compensation was up 23% in 2010, compared to 2009. AFL-CIO used Bureau of Labor Statistics wage data to define typical worker pay, which was $33,190 for all occupations in 2009, the most recent year for which data is available.

That and more data is posted on the website paywatch.org, which is run by the union group. The site will eventually post CEO pay for all 500 companies, as that data is released in proxies submitted to the Securities and Exchange Commission (SEC).

CNNMoney.com contributing writer Ken Sweet and CNNMoney.com's Charles Riley and Jennifer Liberto contributed to this report.

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Filed under: Business • Economy
soundoff (11 Responses)
  1. NEVERFORGETOKC

    CNN=CRAPPY NEWS NETWORK

    April 19, 2011 at 5:23 pm | Report abuse |
  2. NEVERFORGETOKC

    as an american and oklahoma, i am absolutely offended by the lack of news coverage for the anniversary of the okc bombing. WE WILL NEVER FORGET!!!!!!!!!!!!!!

    April 19, 2011 at 5:24 pm | Report abuse |
  3. NEVERFORGETOKC

    TED TURNER CAN SUCK IT

    April 19, 2011 at 5:25 pm | Report abuse |
  4. Jeff Frank - (R-Ohio)

    $4 gas is here. Don't buy gas on Fridays. Now their working on 5.

    April 19, 2011 at 5:51 pm | Report abuse |
  5. ole Lady

    The Oklahoma bombing was certainly a tragedy. My condolences to all victims families and to survivors. Yes. CNN should have a post in remembrance. So sad.

    April 19, 2011 at 6:38 pm | Report abuse |
  6. Joey

    If I invested in the stock of an automobile manufacturer, I would want the company's CEO to be worth eleven million dollars a year, or whatever the market for that kind of executive ability would bear.
    If the CEO didn't produce, he wouldn't be there very long.

    April 19, 2011 at 7:12 pm | Report abuse |
  7. banasy

    My continued sympathy for the families of those who perished in that horrific event. No one will ever forget the OKC bombing...no one with empathy, that is. Shame on you, CNN!

    April 19, 2011 at 7:26 pm | Report abuse |
  8. banasy

    Jeff, don't buy gas on any other day of the week, either; that'll really stick it the oil companies! You'll also be stuck at home.... ūüôā

    April 19, 2011 at 7:27 pm | Report abuse |
  9. Joey

    I think you're winning, Jeff!
    Gas is sure to come down.

    April 19, 2011 at 8:46 pm | Report abuse |
  10. thomas.civix

    https://news.blogs.cnn.com/2011/04/19/dow-up-51-points-gold-sets-record/comment-page-1/#comment-556004

    April 20, 2011 at 5:10 am | Report abuse |
  11. thomas.civix

    hi

    April 20, 2011 at 5:12 am | Report abuse |