S&P 500 index passes 1,400 for first time since 2008

NEW YORK – U.S. stocks rose Thursday, lifting the S&P 500 index past 1,400 for the first time since June 2008, after another round of strong reports on jobless claims and manufacturing.

The S&P 500 advanced 8.32 points, or 0.6 percent, to 1,402.60, crossing and closing above 1,400 for the first time since the index of large-cap stocks was coming down off a record high in October 2007. It’s still about 10 percent away from that all-time peak of 1,565.15.

The Dow Jones industrial average rose 58.66 points, or 0.4 percent, to 13,252.76, extending its winning run into a seventh session, its longest up streak since the eight-day period ending Feb. 9, 2011.

The Nasdaq composite index rose 15.64 points, or 0.5 percent, to 3,056.37.

Oil leaks from ocean floor near offshore Chevron well

SAO PAULO – Oil has started leaking again from cracks on the ocean floor near an offshore Chevron well where at least 110,000 gallons spilled late last year, Brazil’s oil regulator said Thursday.

The size of the new leak is unknown, said a spokeswoman with Brazil’s National Petroleum Agency, known as ANP. She said the leak was detected because an oil slick appeared on the ocean surface.

“The oil is not coming from the well; it’s been sealed. It seems to be coming from fissures on the ocean floor near the well,” the spokeswoman said.

Chevron confirmed that there was a “small new oil seepage” and that it was working to collect the crude. The company didn’t estimate the leak’s size.

Oil started leaking from cracks on the ocean floor at the site of a Chevron appraisal well last Nov. 7, about 230 miles off the northeastern coast of Rio de Janeiro state. About two weeks later, ANP said that leak was under control.

Experts had warned, however, that there was a high risk of oil seepage resuming.

Shell chooses Pennsylvania location for petrochemical refinery

PITTSBURGH – Shell Oil Co. has chosen a site near Pittsburgh for a major, multibillion-dollar petrochemical refinery that could provide a huge economic boost to the region.

Dan Carlson, Shell’s General Manager of New Business Development, said Thursday that the company signed a land option agreement with Horsehead Corp. to evaluate a site near Monaca, about 35 miles northwest of Pittsburgh.

The so-called ethane cracking, or cracker, plant would convert ethane from bountiful Marcellus Shale natural gas liquids into more profitable chemicals such as ethylene, which are then used to produce everything from plastics to tires to antifreeze.

The plants are called crackers because they use heat and other processes to break the ethane molecules into smaller chemical components. A cracker plant looks similar to a gasoline refinery, with miles of pipes and large storage tanks.

Ohio, West Virginia and Pennsylvania had all sought the plant and offered Shell major tax incentives. Monaca is about 15 miles from both the Ohio and West Virginia borders, so workers in all three states are likely to benefit.

— From news service reports