Stocks close at new highs

Banks and other financial companies led U.S. stocks modestly higher Monday, nudging the stock market to another record. The Standard & Poor's 500 index and Dow Jones industrial average closed at new highs as the market extended its gains from last week. The S&P 500 index rose 3.64 points, or 0.1 percent, to 2,503.87. The Dow gained 63.01 points, or 0.3 percent, to 22,331.35. Both indexes closed at record highs Friday. The Nasdaq added 6.17 points, or 0.1 percent, to 6,454.64.

Executive shake-up

Cisco's Chambers to step down from board

Cisco Systems CEO Chuck Robbins will add the executive chairman role to his title, solidifying his position as he tries to remake the business that John Chambers built into one of the largest companies in the technology industry. Chambers will not stand for re-election to the post of executive chairman in December, the company said Monday, ending more than two decades of leadership at the networking company. He first joined the board in 1993. Robbins has been CEO since 2015.

Military spending

Northrop buys Orbital for $7.8 billion

Northrop Grumman's $7.8 billion purchase of Orbital ATK will expand its space and missile businesses. The transaction cements a turnaround for Northrop, which had been the target of breakup speculation before it scored an upset win in 2015 to build the next U.S. stealth bomber.

River traffic

Great Lakes states renew push for new lock

Officials are making a renewed push for a long stalled proposal for adding a new lock to the Soo Locks complex, a critical chokepoint that connects Lake Superior to the lower Great Lakes. Congress first authorized a new lock in 1986 but never funded it. A bipartisan group of lawmakers is trying again. They won backing Monday from the Great Lakes Commission, which is holding its annual meeting in Duluth.

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