The Dow Jones Industrial Average soared past the 12,000 mark today with the news that the U.S. economy grew at a healthy 2.5 percent annual rate in the third quarter and European leaders approved a plan to absorb Greek debt.
U.S. gross domestic product for the July-through-September period expanded 2.5 percent, nearly double the 1.3 percent rate of growth in the second quarter and much faster than the first quarter’s tepid increase of 0.4 percent. The economy has now grown for nine consecutive quarters.
Consumer sales of durable goods such as automobiles jumped 4.1 percent in the quarter. In addition, spending on services jumped 3 percent to the highest level in five years.
Businesses ratcheted up investment by 16.3 percent in the third quarter, the highest level in more than a year. Purchases of software and equipment surged 17.4 percent.
American exports rose 4.0 percent. Domestic manufacturers have led the U.S. recovery since the end of the Great Recession, in large part by boosting exports.
European leaders agreed to expand a rescue fund to $1.4 trillion in an effort to combat the region’s debt crisis.
In another report from the U.S. Department of Labor, first-time jobless claims declined by 2,000 to 402,000 last week.
The Dow rose by more than 300 points this morning. With two more trading days left in the month, the Dow is on pace to report its best October ever.
 Local stocks in the BizTimes Stock Index were led by Joy Global Inc. (up $4.56 to $92.15), Rockwell Automation Inc. (up $3.88 to $69.27), ManpowerGroup (up $3.03 to $45.84) and Twin Disc Inc. (up $2.48 to $40.00).

Wisconsin Energy Corp. today reported third quarter net income of $129.8 million, or 55 cents per share, up from $112.2 million, or 47 cents per share, in the same period a year ago.
The Milwaukee-based parent company of We Energies reported quarterly operating revenues of $1.1 billion, up from $973.2 million a year earlier.
A major factor contributing to this year's third quarter performance was income from the company's Power the Future plan. Earnings from Power the Future assets rose by 3 cents a share, driven by investment in the second new generating unit at the company's Oak Creek site. The second expansion unit at Oak Creek began commercial service in January.
During this year's third quarter, consumption of electricity by large commercial and industrial customers grew 0.3 percent, while electricity use by small commercial and industrial customers was up 1.0 percent. Residential electricity use was down by 2.3 percent from the third quarter a year ago.
"Summer temperatures in the Midwest were warmer than normal this year. But the summer of 2010 was one of the hottest on record," said Gale Klappa, chairman, president and chief executive of Wisconsin Energy. "As a result, residential demand for air conditioning was slightly lower than we recorded in the third quarter last year."

Johnson Controls Inc. today reported record fiscal fourth quarter net income of $538 million, or 78 cents per share, up from $449 million, or 66 cents per share, in the same period a year ago.
The Glendale-based company’s quarterly net sales grew to $10.8 billion, up 19 percent from $9.0 billion a year earlier.
The firm’s Automotive Experience sales in the quarter increased 24 percent to $5.1 billion vs. $4.1 billion last year due to higher global production volumes, incremental volume from recent acquisitions, new program launches and a favorable foreign currency impact.
North American revenues increased 7 percent to $1.9 billion from $1.8 billion last year, approximately equal to the increase in industry vehicle production levels. European sales were significantly higher than the 2010 fourth quarter at $2.6 billion due to higher production volumes and the impact of acquisitions.
Johnson Controls recently announced that its 2012-2014 backlog of net new business increased to $4.2 billion, compared with a backlog of $4.0 billion for 2011-2013.
"We are pleased to report another quarter of record sales and earnings. All of our businesses grew at a double-digit pace as they have throughout fiscal 2011. Across the company, we continued to gain significant market share in our industries as a result of our growth investments and unique strategic positioning," said Stephen Roell, Johnson Controls chairman and chief executive officer.
For the 2011 fiscal year, Johnson Controls sales increased 19 percent to $40.8 billion compared with $34.3 billion in 2010.
Johnson Controls today affirmed the 2012 financial guidance it issued on Oct. 12. The company anticipates a sales increase of 8 percent to approximately $44.2 billion. The 2012 expectations are the result of modestly higher global automotive production levels, growth across the businesses in emerging markets as well as market share gains.
"We are optimistic as we begin fiscal 2012. We have good momentum resulting from the strong backlogs in our automotive and buildings businesses, our market leadership position in new battery technologies and continued growth opportunities in emerging geographic markets," Roell said. "Our long-term objective is to profitably grow faster than our underlying industries and we will make record levels of investment in 2012 to support that goal. We have the strategies and processes in place to improve our profitability. With the support of our customers and employees around the world, I am confident that 2012 will be another record year for Johnson Controls."

Racine-based Modine Manufacturing Inc. today reported fiscal second quarter net earnings of $1.4 million, or 3 cents per share, compared to a net loss of $16.7 million, or 36 cents per share, in the same period a year ago.
Mdone’s quarterly sales grew $51.4 million, up 15 percent, from the second quarter of fiscal 2011, with increases across all segments. The most significant improvements were within the commercial vehicle markets in Europe, North America and South America, as well as the off-highway market in Asia.
"Modine's performance has been solid," said Modine president and chief executive officer Thomas Burke. "We continue to see a slow and steady recovery of our end markets and, despite the continued concerns being expressed in the business media, our order backlog remains strong. In addition, recent program wins, particularly within our global truck and off-highway markets, demonstrate the strength of our competitive position in these target markets."

Milwaukee-based Rockwell Automation Inc. will host its annual investor meeting on Thursday, Nov. 17, in Chicago in conjunction with the company's Automation Fair at McCormick Place.
The meeting will include presentations on Rockwell Automation's strategic plans and market outlook by chairman and chief executive officer Keith Nosbusch, chief financial officer Ted Crandall and other key company leaders.
The video webcast portion of the meeting will begin at approximately 1 p.m. Central Time and will be available on the company's website at www.rockwellautomation.com.

Humana Inc. will add nearly 130 jobs to its full-time work force in Wisconsin, including about 95 jobs in the Green Bay area, the company announced. The majority of the Green Bay-area jobs will be in Humana's service operations and technology teams, with a focus on technology application developers and architects. The company will also add about 20 positions in Middleton and 15 in Waukesha. For more, read today’s BizTimes Wisconsin Morning Headlines.

The Milwaukee School of Engineering recently opened a new state-of-the-art laboratory for its industrial engineering students. Portions of the laboratory were donated by Racine-based Ruud Lighting and Forrer Business Interiors of Milwaukee. For more, read this week’s edition of the BizTimes Bubbler.

U.S. Rep. Paul Ryan (R-Janesville) says President Barack Obama’s jobs bill fuels class warfare in America. Read more in today’s Milwaukee Biz Blog.

Milwaukee County has been awarded $12.7 million in federal funds for new express bus routes.
The three new express routes will start in 2012, pending approval by the County Board. The routes will run on North 124th Street and the University of Wisconsin-Milwaukee along Capitol Drive; from Bayshore Town Center Mall to Mitchell International Airport; and along Fond du Lac Avenue’s Route 23.
“It’s great news for Milwaukee County transit riders that we have been awarded funding to create new express bus routes and allow us to avoid drastic service cuts. Maintaining and improving transit service, which is critical for jobs and education, continues to be one of my highest priorities,” said Milwaukee County Executive Chris Abele.
“The approval of this funding by state, regional and local organizations points to the importance of Milwaukee County’s transit system to southeastern Wisconsin. While this funding will help us avoid cuts over the next two years, I will work toward a long-term solution to the problem of transit funding,” Abele said. “I’d like to thank Secretary of Transportation Mark Gottlieb, the Departments of Transportation and Natural Resources and the Southeastern Wisconsin Regional Planning Commission and its advisory committees, which unanimously approved the projects. I look forward to working with Secretary Gottlieb and others on other ways to improve transit in Milwaukee County.”