Stocks barely move as Wall St. looks to 2014
NEW YORK - The stock market ended a quiet Monday mostly where it began as investors shut their books for what has been an extraordinary year on Wall Street. Traders had little corporate or economic news to work through. The bond market was quiet as well.
The Dow Jones industrial average moved less than 30 points, its narrowest range since February 2007. About 2.3 billion shares changed hands on the New York Stock Exchange, 40 percent less than average.
"The very narrow range reflects that there's not a lot of news out there and a lot of investors' positions are closed for the year," said Alec Young of S&P Capital IQ.
The Dow closed up 25.88 to 16,504.29. The S&P 500 fell less than 1 to 1,841.07. The Nasdaq composite fell 2.40 to 4,154.20.
Signed home-buying contracts flat for Nov.
WASHINGTON - The number of Americans who signed contracts to buy existing homes in November was essentially unchanged from October, suggesting sales are stabilizing after five months of declines.
The National Association of Realtors said Monday its pending home sales index ticked up to 101.7 from 101.5. Higher mortgage rates and strong price gains over the past two years have slowed sales.
Wells Fargo has $591M Fannie Mae settlement
SAN FRANCISCO - Wells Fargo says it has made a $591 million deal with Fannie Mae to settle obligations related to loans that went bad after the housing bubble burst.
The deal announced Monday covers loans made through 2008. Wells Fargo says it resolves nearly all repurchase liabilities it has with Fannie Mae, the federal mortgage buyer.
After adjusting for other repurchases, Wells Fargo will pay out $541 million, which it had already set aside. Wells Fargo agreed in September to pay $869 million to Freddie Mac to settle similar claims.
Cooper Tire ends deal to sell itself to Apollo
NEW YORK - Cooper Tire & Rubber called off its sale to India's Apollo Tyres, unraveling a $2.2 billion deal announced just over six months ago.
Cooper said financing is no longer available and it continues to claim, as it has for months, that Apollo breached the terms of the agreement. Apollo threatened for the first time Monday to pursue legal remedies after the announcement, which it called disappointing.
The companies agreed to the sale in June, but things deteriorated rapidly. Negotiations with the union representing Cooper workers was a sticking point.
Textile firm to expand, add 24 jobs in Cheraw
A North Carolina textile business is expanding its Cheraw plant to meet higher demand for its products, the state Commerce Department said today.
Kernersville, N.C.-based Highland Industries Inc. will invest $4.1 million and add 24 new jobs over the next two years in Chesterfield County.
Fabrics made in the South Carolina factory end up in automotive parts, military tents and backpacks, rockets, roofing products and many other everyday items. Highland Industries is owned by Tokyo-based Takata Corp.
The state Coordinating Council for Economic Development has approved a $100,000 grant for infrastructure improvements related to the Cheraw expansion.
Staff and wire reports