Stocks are mixed after a three-day downturn
NEW YORK - The rally that has driven stocks to record highs paused this week as investors tried to figure out where things are headed next.
Stocks were mixed Friday and posted their second weekly loss in a row. Indexes reached record highs as recently as Monday, but then declined.
Investors may be nervous that stocks are overpriced, that stock prices have grown faster than justified by profits. They may be worried about conflict with Iran, or the debate over federal spending. Some are worried the Federal Reserve will decide next week to reduce its economic stimulus.
The Dow Jones industrial average rose 15.93 to close at 15,755.36. The S&P 500 index fell 0.18 to 1,775.32. The Nasdaq composite rose 2.57 to 4,000.98.
All three indexes fell for the week despite strong reports on employment, housing and retail spending.
Toyota agrees to enter talks to settle lawsuits
SANTA ANA, Calif. - Toyota will seek to settle hundreds of lawsuits involving alleged unintended acceleration problems in its vehicles, according to a U.S. District Court filing in California
A motion filed by Toyota and plaintiffs asks for an order to establish an "intensive settlement process" in personal injury, wrongful death and property damage cases.
Toyota recalled millions of cars, starting in 2009, but has denied that electronics played any role in the problem.
Judge approves $7.25B swiping fee settlement
NEW YORK - A U.S. federal judge has approved a $7.25 billion settlement between merchants and Visa and MasterCard over credit card transaction fees.
A group of merchants and trade groups sued the companies in 2005, alleging they conspired to fix fees charged to stores for handling credit card payments. A settlement was reached in last year but some retailers rejected it by objecting to a provision that barred future lawsuits. The $7.25 billion settlement figure does not reflect the companies that opted out.
Qualcomm's COO gets nod for top job at firm
SAN DIEGO - Qualcomm says long-time executive Steve Mollenkopf will become its CEO in March.
Mollenkopf, who has served as president and chief operating officer since October 2011, was named as CEO-elect and will join the mobile device chipmaker's board. Current CEO Paul Jacobs will become executive chairman and guide development of new technology.
American Airlines says it's buying 90 small jets
FORT WORTH, Texas - American Airlines, newly merged with US Airways, will buy 90 new 76-seat regional jets from Brazil's Embraer and Canada's Bombardier and use them to replace smaller, less fuel-efficient planes.
American said the new planes will reduce operating costs and allow for first-class cabins, economy seats with more legroom that the airline sells for a premium and in-flight Internet service. American's last big order was in 2011, for 460 planes from Boeing and Airbus.
Report: Charter to bid for Time Warner Cable
LOS ANGELES - Cable TV operator Charter Communications is preparing to send a letter offering to buy the much larger Time Warner Cable for below $135 per share as early as Monday.
That's according to a person familiar with the matter, who was unauthorized to speak publicly. The news was reported earlier by The New York Times. The offer would value Time Warner, which serves Summerville, at up to $38 billion.