Business briefs

Fed plan, strong reports push

Treasury yields and Dow up

Bond prices fell sharply Tuesday, sending long-term interest rates to their highest level in seven months, after the Federal Reserve said it would continue its efforts to lift the economy. Stocks edged higher after separate government reports showed wholesale prices and business inventories are on the rise and retail sales rose for the fifth straight month in November. A survey also showed that large companies intend to hire more workers. The Dow Jones industrial average closed at its highest level of the year. The Federal Reserve said it would keep up its $600-billion stimulus program because the economy isn't strong enough to bring down unemployment on its own. The yield on the benchmark 10-year Treasury note jumped to its highest level since May 17. The Dow Jones industrial average rose 47.98 points, or 0.4 percent, to 11,476.54. Its previous high for the year of 11,444.08 came Nov. 5. AT&T Co. led the 30 stocks in the Dow with a 2 percent gain. The Standard & Poor's 500 index rose 1.13, or 0.1 percent, to 1,241.59. The Nasdaq composite index rose 2.81, or 0.1 percent, to 2,627.72. - AP

Chrysler recalling trucks

to fix steering/brake glitch

Chrysler is recalling about 76,000 Dodge Ram pickup trucks to fix a power steering issue that could affect the brake pedals. The recall affects certain 2010-2011 model-year Dodge Ram trucks built from March 2009 through October 2010. Chrysler said some trucks with diesel engines and a hydroboost brake system could be equipped with a power steering reservoir cap with excessive vent pressure levels. The excessive levels could lead to brake pedals that are slow to return after the driver applies them and cause the brake lights to remain on, increasing the risk of a crash. Chrysler said no crashes or injuries have been reported. The company said it will notify owners. Dealers will replace the steering reservoir cap free of charge. Owners can contact Chrysler at 800-853-1403. - AP

Farmingdale tech company

sold to private Mass. firm

The Farmingdale computer network provider Open Access Inc. has been bought by Lightower Fiber Networks of Boxborough, Mass. Both companies are privately owned, and the terms of the sale were not made public. Open Access, with headquarters on Bi-County Boulevard in Farmingdale, provides fiber-based, "diverse, cost-effective, customized end-to-end communications solutions," Lightower said in a news release Tuesday. "Open Access owns and operates a network across Long Island and the surrounding areas providing access to over 230 commercial buildings and data centers." - JOSEPH MALLIA

Cablevision unit acquires

cable firm for 4 western states

Cablevision reported Tuesday that it completed its $1.4-billion acquisition of Bresnan Communications, a cable company that serves about 330,000 customers in four western states. The acquisition, completed through a newly formed subsidiary of Bethpage-based Cablevision, is backed by about $1 billion in debt, all of which will be the obligation of the new Bresnan subsidiary. Cablevision chief operating officer Tom Rutledge said the company will be delivering faster Internet access, more high-definition programming and other enhancements to existing Bresnan customers in Colorado, Montana, Wyoming and Utah. Cablevision also owns Newsday. - ANDREW SMITH

Staff and wire reports