Stocks gain following a rebound in retail sales
NEW YORK - Stocks closed higher, clawing back some of the ground lost last week, as investors were encouraged by solid earnings from Citigroup and a pickup in retail sales.
Citigroup rose 4 percent after its results came in better than the market was expecting. That was a welcome surprise following an earnings miss last week by JPMorgan Chase.
The Dow Jones industrial average climbed 146 to 16,173. The S&P 500 rose 14 to close at 1,830. led by energy stocks. The Nasdaq rose 22 to 4,022.
GM replacing its heads of HR, communications
DETROIT - General Motors is replacing its chiefs of communications and human resources. The company says communications head Selim Bingol and human resources chief Melissa Howell are leaving GM to pursue other interests.
GM named John Quattrone to replace Howell. No replacement has been named for Bingol.
GM is struggling with a series of embarrassing recalls, including 2.6 million small cars worldwide due to a faulty ignition switches. GM says at least 13 deaths have been linked to the ignition switch problem.
Google is buying drone maker Titan Aerospace
NEW YORK - Google has bought Titan Aerospace, a maker of solar-powered drones, saying it could help bring Internet access to remote parts of the world and solve other problems.
Financial terms were not disclosed. Google said Monday atmospheric satellites could also be used in disaster relief and assessing environmental damage.
Titan's satellites, which are not yet commercially available, can stay in the air for as long as five years, according to reports. Titan's website cites a wide range of uses for them, including atmospheric and weather monitoring, disaster response and voice and data communications.
Netflix's Comcast deal hikes quality of video
SAN FRANCISCO - Netflix's videos are streaming through Comcast's Internet service at their highest speeds in the past 17 months now that Netflix is paying for a more direct connection to Comcast's network.
Data released Monday by Netflix showed Comcast delivered its video at an average rate of 2.5 megabits per second during March. That was a 66 percent increase from a recent low of 1.51 megabits per second in January.
The dramatic upswing came in the first full month after Netflix agreed in mid-February to pay Comcast an undisclosed amount for better access.
Altria Group sells idled cigarette plant in N.C.
RICHMOND, Va. - The owner of the nation's biggest tobacco company, Philip Morris USA, has sold a North Carolina cigarette plant it idled in 2009.
Altria Group said Monday the Cabarrus County property was sold to Victory Industrial Park LLC. The property includes the old cigarette manufacturing facility, warehouses and a utility plant. Records say it was sold for $68.5 million.
In 2009, Altria closed the factory that employed 2,500 and moved all of its cigarette manufacturing to Richmond.
Study shows increase in online info thefts
NEW YORK - The number of Americans who say they've had important personal information stolen online is on the rise, says a Pew Research Center report released Monday.
According to the survey conducted in January, 18 percent of online adults have had personal information stolen such as their Social Security number, credit card or bank account information. That's up from 11 percent in a July 2013 Pew survey.
The survey was done after news broke of Target's massive pre-Christmas data breach.