Business buzz

LONG ISLAND

Southwest to close on AirTran

Southwest Airlines, the dominant carrier at Islip's Long Island MacArthur Airport, has set May 2 as the date it expects to close on its deal to buy low-fare rival AirTran Holdings Inc. All regulatory approvals should be in place by then, the Dallas-based airline said. A merger could mean a major expansion of destinations from MacArthur, to Atlanta and Washington, D.C., and many smaller cities. It would extend Southwest's reach to Mexico, Puerto Rico and elsewhere in the Caribbean. -- JOSEPH MALLIA

DealerTrack $125M credit OKd

DealerTrack Holdings Inc., the Lake Success-based car dealership software company, has obtained a new four-year, $125-million revolving secured line of credit it plans to use for future acquisitions and general corporate purposes. "We expect this [credit] facility to help promote our growth initiatives as it is primarily intended for acquisitions," Eric D. Jacobs, chief financial and administrative officer of DealerTrack, said in an announcement. The line of credit, extended by a syndicate of seven banks led by J.P. Morgan, may be expanded for another $100 million, the company said. It matures in April 2015. -- JOSEPH MALLIA

New Red Robin burger eatery

A Red Robin burger restaurant, Long Island's first, will open May 9 in Carle Place. The eatery plans to kick off with a weeklong benefit for a missing-children's aid agency. The 125 Old Country Rd. location is across from Roosevelt Field mall. During the Burgers with a Heart fundraising week, the restaurant will set aside 50 cents for every burger served, giving the money to the National Center for Missing & Exploited Children. Red Robin will also give away free child identification kits. -- JOSEPH MALLIA

Pet pros sought as sponsors

Pet industry businesses are invited to become sponsors for an upcoming Long Island Pet Professionals event to be held June 21 and titled "Pet Industry, Business Networking and Seminar Day." More information and a sponsorship form are available by email from Nancy@LongIslandPetProfes sionals.com. The event, which will take place at the Marriott Residence Inn in Plainview, "is for anyone in the pet industry, veteran pet professionals, those just getting started in the field and those thinking about getting into the pet industry," the group said. -- JOSEPH MALLIA

NATION

Earnings lift stocks to new highs

Stocks jumped to their highest levels in nearly three years Tuesday thanks to signs that earnings are rising for U.S. companies and consumers are feeling more confident about the economy. Stock indexes have more than doubled since hitting a 12-year low in March 2009. The fastest bull market since the 1950s has now erased most of the losses stemming from the financial crisis. Investors who bought at the top of the market in 2007 have now lost 4.2 percent, including reinvested dividends. The Standard & Poor's 500 index -- the benchmark for most mutual funds -- reached its highest level since June 2008. It gained 11.99 points, or 0.90 percent, to 1,347.24. The Dow Jones industrial average also marked a new high for the year, rising 115.49 points, or 0.93 percent, to 12,595.37. The Nasdaq composite rose 21.66 points, or 0.77 percent, to 2,847.54.

New vehicles fuel Ford profit

Ford posted its best first-quarter profit in 13 years thanks to an improving economy and a lineup of fuel-efficient vehicles that reached showrooms as gasoline prices surged. New arrivals like the Ford Explorer -- which gets 20 percent better fuel economy than the old version -- and the 40-mile-per-gallon Fiesta subcompact are selling well in the United States. Company profits are growing around the world. And Ford is charging more for its cars, helping offset the higher costs of steel and other materials. Ford Tuesday said net income rose 22 percent to $2.6 billion, its best first-quarter performance since 1998.

Compiled with wire service reports