Record day for the market...Oil prices down... SunTrust Mortgage settlesJuly 3, 2014 @ 2:48 pm
NEW YORK (AP) -- Today's stock market gains are adding to what's been a strong month-and-a-half for Wall Street The Dow Jones industrial average topped 17,000 for the first time. It followed news that hiring in the U.S. accelerated last month. The Dow rose 92 points to finish at 17,068. The S&P 500 closed up 11 points to 1,985 and the Nasdaq gained 28 points to 4,485.
UNDATED (AP) -- The price of oil is down. It slipped a little today as the risk of supply disruptions in Iraq fades and key export terminals in Libya are expected to reopen. Benchmark U.S. crude for August delivery fell 42 cents to $104.06 a barrel in New York, its sixth day of declines. Brent crude, a benchmark for international oils, fell 24 cents to $111 a barrel in London.
CHARLOTTESVILLE, Va. (AP) -- SunTrust Mortgage will pay up to $320 million to resolve allegations that it misled customers seeking loan modifications. Settlement documents say SunTrust misrepresented or omitted information to borrowers participating in the federal Home Affordable Modification Program and failed to process applications in a timely manner.
DETROIT (AP) -- General Motors says it recalled 3.4 million large cars last month after finding a 9-year-old email from an employee in its files warning of trouble. The admission is more evidence that GM knew about safety problems for years but failed to recall cars until recently.
WASHINGTON (AP) -- A national organization representing college and university presidents is disputing a federal ruling that students who receive college athletic scholarships are essentially employees of their schools and thus entitled to join unions and exercise collective-bargaining rights. The American Council on Education says student-athletes participate for their own benefit; they do not render services for compensation.
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