Stocks post modest but broad gains on Wall St.
NEW YORK — There was no dramatic rally and no records were set. But stocks finished with small gains sprinkled across industries from airlines to steelmakers as the big indexes continued to trade near record highs.
Monday’s gains continued a powerful rally. On Monday the S&P 500 increased 6.29 to close at 1,767.93. The Dow Jones industrial average rose 23.57 to 15,639.12. The Nasdaq gained 14.55 to 3,936.59.
Hedge fund giant SAC to pay penalty of $1.8B
NEW YORK — Hedge fund giant SAC Capital Advisors has agreed to plead guilty to fraud charges and to pay a $1.8 billion financial penalty, federal prosecutors said Monday. The government said it believed the financial penalty is the largest ever for insider trading.
SAC also will terminate its investment advisory business. The deal follows a separate agreement by SAC to pay a $615 million penalty to settle an insider trading claim by the Securities and Exchange Commission. SAC Capital is owned by billionaire Steven A. Cohen.
BlackBerry to focus on software, not devices
TORONTO — Those few BlackBerry lovers left could be in for some bad news.
The device that was so addictive that it was dubbed the “CrackBerry” might not have much of a future: Its new chairman and interim CEO says he wants to emphasize software and services, not devices. That could mean the company might ultimately get out of the business of selling smartphones.
The possible change in strategy comes as Fairfax Financial said Monday it won’t buy the company and take it private.
CEO Thorsten Heins is stepping down and John Chen was appointed chairman of BlackBerry’s board and interim CEO.
J&J to settle drug case by paying $2.2 billion
WASHINGTON — Johnson & Johnson has agreed to pay over $2.2 billion to resolve criminal and civil allegations of promoting three prescription drugs for off-label uses not approved by the Food and Drug Administration, the Department of Justice said Monday.
The allegations include paying kickbacks to physicians and pharmacies to recommend and prescribe Risperdal and Invega, both antipsychotic drugs, and Natrecor, which is used to treat heart failure.
S.C. cruise group teams with others in Fla., Italy
A Charleston group working for tighter rules regulating the cruise industry is forming a coalition with similar groups in Venice, Italy, and Key West, Fla.
The idea is to make sure there are adequate regulations in place to protect the historic character of smaller port cities worldwide.
Carrie Agnew with Charleston Communities for Cruise Control says the groups don’t oppose cruises. But Agnew says they want to make sure there are safeguards so the industry does not overrun smaller cities.
City and port officials in Charleston say the industry will only be a niche market and adequate safeguards are in place.