SC business notebook, May 24

May 23, 2014 

Wall Street

Trader Thomas McCauley, left, and specialist Donald Civitanova work on the floor of the New York Stock Exchange, Friday, May 23, 2014. Stocks inched higher early Friday in quiet trading ahead of the Memorial Day weekend.

RICHARD DREW — AP

$17 million plant planned

An Irish company that makes electrical equipment is building its first plant in the U.S. in Anderson County, employing about 250 people. E&I Engineering announced its new plant Friday. The company plans to spend $17 million renovating an existing building in Anderson and hopes to hire the new 250 workers in five years. E&I Engineering makes switchgears, which are electrical control panels that contain switches, fuses and circuit breakers. The company says its equipment is used in

Market indexes sluggish

Call it the Great Slog. Stocks are bumbling along this year after a gangbuster 2013. The upward grind is underscored by the Standard & Poor’s 500 index, which closed above 1,900 for the first time on Friday. The index has eked out a gain of 2.8 percent this year compared with a 16 percent increase over the same period last year. Other major indexes haven’t fared any better. The Dow Jones industrial average and the Nasdaq composite are barely positive for 2014. The market’s five-year bull run has slowed as investors become more evenly split between those who remain optimistic on the outlook for stocks and the economy, and those that think it’s time for a sell-off. The S&P 500 rose 8.04 points, or 0.4 percent, to close at 1,900.53. The index first rose above 1,900 during trading on May 13, but fell back to close below that level. The Dow climbed 63.19 points, or 0.4 percent, to end at 1,606.27. The Nasdaq rose 31.47 points, or 0.8 percent, to 4,185.81.

Publisher feuding with Amazon

If you’re hoping to pre-order books by J.K. Rowling, Michael Connelly and other Hachette Book Group authors, you’ll have to go somewhere besides Amazon.com. An ongoing standoff between Amazon and one of the leading New York publishers has escalated. The online retailer has removed pre-order buttons for such books as Connelly’s “The Burning Room” and Rowling’s “The Silkworm,” a detective story she wrote under the pen name Robert Galbraith. Hachette issued a statement Friday saying it hopes to “find a solution to this difficult situation.” Amazon declined to comment. Amazon and Hachette are reportedly at odds over terms for e-book sales. Amazon had already been delaying the delivery of some Hachette releases, including J.D. Salinger’s “Nine Stories” and Sherman Alexie’s “The Absolutely True Diary of a Part-Time Indian.”

Recalled beef sent to 10 states

Federal food safety officials say ground beef recalled by a Detroit business may have been sent to stores in 10 states. According to an announcement Thursday, the U.S. agriculture department’s Food Safety and Inspection Service says it has reason to believe recalled beef was sent to retail outlets in Florida, Illinois, Indiana, Kentucky, Michigan, North Dakota, Ohio, Pennsylvania, Tennessee and Wisconsin. Wolverine Packing Co. announced Monday it was recalling 1.8 million pounds of ground beef products that may be contaminated with E. coli. FSIS said Friday that 11 people have been sickened. Consumers can see a list of recalled products and potentially affected stores on the U.S. Department of Agriculture’s website.

The Associated Press contributed.

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