Stocks moving higher ...Citigroup settles ... ECB's Draghi set for grilling as industry faltersJuly 14, 2014 @ 7:44 am
NEW YORK (AP) -- Stocks moved higher in morning trading today, kicking off the week on a positive note. At 10:38 a.m. Eastern Time, the S&P 500 gained 11 points to 1,978. The Dow Jones industrial average rose 132 points, to 17,077. The Nasdaq composite added 23 points, to 4,439.
WASHINGTON (AP) -- Citigroup is paying about $7 billion to settle an investigation into risky subprime mortgages, the kind of mortgages that helped fuel the financial crisis. The agreement announced today comes weeks after talks broke down between Citigroup and the Justice Department, which threatened to sue. J.P. Morgan is the only other major U.S. bank to settle so far.
LONDON (AP) -- European Central Bank President Mario Draghi (DRAHG'-ee) is likely to face a barrage of questions today from lawmakers asking what can be done to reduce the value of the euro, as new signs emerged that the recovery for the 18-nation eurozone is faltering. The euro's strength is hurting European exporters and keeping a lid on the region's recovery from recession.
DETROIT (AP) -- Volkswagen says it will build a new seven-passenger SUV at its Chattanooga, Tennessee, factory, adding about 2,000 jobs. The German automaker says it will invest $600 million in the factory and a new research center that will employ about 200 engineers. Production of the new SUV is scheduled to start at the end of 2016. The plant now employs about 1,500 workers and makes only one model, the Passat midsize car.
NEW YORK (AP) -- EBay will soon feature auctions from Sotheby's, thanks to a new partnership. The companies will offer a new live auction feature on eBay's web site and real-time bidding for Sotheby's auctions that are taking place at Sotheby's headquarters in New York. The move lets eBay's 145 million active users have more access to the high-end art and objects that are offered at Sotheby's auctions. The companies also say they'll eventually plan to offer other kinds of sales and live auctions from other Sotheby's showrooms around the world.
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