Strong day helps markets reach a peak for the year

NEW YORK – Investors sent U.S. stocks barreling to their highest levels of the year Thursday, buoyed by slivers of encouraging news about jobs and housing. At least for a day, they overlooked the lack of clarity about Greece’s marathon negotiation for a bailout.

The Dow Jones industrial average rose 123.13 points to close at 12,904.08, its third triple-digit gain this year. It was the highest close for the Dow since May 19, 2008.

As the Dow moved to within sight of 13,000, applause broke out at the closing bell on the floor of the New York Stock Exchange.

The Standard & Poor’s 500 rose 14.81 points to 1,358.04, its highest close in nine-and-a-half months. The Nasdaq composite, which has had an even stronger year than the Dow and S&P and is trading at its highest since 2000, rose 44.02 points to 2,959.85.

The rally was broad, with all but one of the 30 stocks in the Dow, Kraft Foods, closing higher. All 10 industry groups in the S&P were comfortably higher, led by materials stocks, including strong showings from DuPont and Dow Chemical.

General Motors was among the best-performing stocks of the day. The company turned a record $7.6 billion profit last year, bigger even than when Americans couldn’t stop buying trucks and SUVs.

Project delays, layoffs likely after wind power credit fails

CHICAGO – The wind industry is predicting massive layoffs and stalled or abandoned projects after a deal to renew a tax credit for wind production failed Thursday in Washington.

The move is expected to have major ramifications in states that are integrating wind power into their grids. Many of those projects will be abandoned or significantly delayed without federal subsidies.

Industry lobbyists fought hard to strike a deal in Washington that would have included an extension of the production credit, which provides an income tax credit of 2.2 cents per kilowatt hour for the production of electricity from wind turbines.

Wind proponents tried to tuck the tax credit extension in legislation aimed at extending payroll tax cuts, but congressional leaders did not include it in that bill.

The tax credits could still come through as a stand-alone bill or tied to other legislation. But Washington insiders say that is unlikely to happen before the election in November.

Candy maker to stop selling king-size, high-calorie bars

NEW YORK – Snickers bars may soon satisfy you a bit less.

Mars Inc., the makers of popular candy brands such as M&M’s and Twix, says it will stop making chocolate products that exceed 250 calories by the end of next year.

That means king-sized versions of the company’s chocolate bars will disappear from candy aisles. The privately held company also makes Milky Way, Bounty, 3Musketeers and Kudos bars.

A representative from Mars was not available to provide details on its calorie goals. But in an emailed statement, the company maintained that it has shown a “broad -based commitment to health and nutrition” in recent years. In 2007, for example, the company said it would no longer market its chocolate directly to children under 12.

— From news service reports