Mar. 4 - Summary of business headlines: Dow climbs closer to new high; Retail stocks get a boost; Stewart to take stand Tuesday; Hess exiting retail biz; Oil hits new 2013 low. Bobbi Rebell reports.
Stocks marched higher getting closer to a new record high... Investors kept up the recent trend of buying on the dips- and seemed to brush aside concerns about the automatic spending cuts coming from Washington. Don Steinbrugge, Managing Partner, Agecroft Partners: SOUNDBITE: DON STEINBRUGGE, MANAGING PARTNER, AGECROFT PARTNERS (ENGLISH) SAYING: "I think as far as sequester goes, a lot of that was already priced into the marketplace. I also think people are looking long term and one of the biggest issues to the US economy is our government deficit, and most people in the investment community think something has to be done you know the deficit has to be reduced, and I think the reason the markets are up is because people view this as a positive thing long term. " Retail stocks were among the leaders. Deutche Bank raised its rating on Target and Macy's. J.C. Penney, which is struggling with its comeback, was lower. Macy's and J.C. Penney have been in court over the rights to sell Martha Stewart products- Martha Stewart herself is expected to testify in that trial on Tuesday. Shares of Hess rose. The company is exiting its retail, energy marketing and energy trading businesses. Crude oil hit a new 2013 low closing near $90 a barrel. It fell for the third consecutive session - reacting to slowing Chinese growth and signs of high supply levels for the oil markets. In Europe, a volatile session on growth worries and disappointing earnings from financial heavyweight HSBC- but the major country indexes closed mixed.