NEW YORK -- Facebook is settling with the Federal Trade Commission over charges that it deceived consumers with its privacy settings to get people to share more personal information than they originally agreed to.
The FTC had charged that the social network told people they could keep the information they share private, but then allowed it to be public.
The charges go back to at least 2009, when Facebook changed its privacy settings so information that users may have deemed private, such as their list of friends, suddenly became viewable to everyone.
Facebook agreed to submit to government audits of its privacy practices every other year for the next two decades. The company committed to getting explicit approval from its users -- a process known as "opting in" -- before changing their privacy controls.
Although Facebook didn't acknowledge any wrongdoing, CEO Mark Zuckerberg was contrite in a blog post Tuesday. "I'm the first to admit that we've made a bunch of mistakes," he wrote. "In particular, I think that a small number of high-profile mistakes ... have often overshadowed much of the good work we've done."
Consumers' confidence in economy jolts stocks
NEW YORK -- A jump in U.S. consumer confidence sent stocks modestly higher Tuesday. Investors also were encouraged by new efforts from European leaders to find more aggressive cures for the region's debt crisis.
Retail stocks were among the biggest gainers. Home Depot rose 5.3 percent, and Best Buy rose 5.1 percent. Retailers had record sales over the Thanksgiving weekend.
Stocks started higher and gained momentum after the Conference Board, a private research group, reported that its Consumer Confidence Index jumped in November to its highest level since July. That news and the surge in holiday shopping reassured investors.
"For the market, the fact that Americans are spending is a positive force," said Quincy Krosby, market strategist for Prudential Financial.
Also, investors were encouraged as European finance ministers gathered to hash out the latest ideas for squelching their debt crisis.
--The Dow Jones industrial average rose 33.62, or 0.3 percent, to close at 11,555.63.
--The S&P 500 index rose 2.64, or 0.2 percent, to 1,195.19.
--The Nasdaq composite fell 11.83, or 0.5 percent, to 2,515.51.
Report: 'Cyber Monday' broke previous records
NEW YORK -- Online shoppers spent record amounts on the Monday after the Thanksgiving holiday weekend, making it the biggest online shopping day in history.
Online sales rose 22 percent to $1.25 billion on "Cyber Monday," when retailers ramp up online promotions, according to research firm comScore Inc. That makes it the biggest online shopping day ever, comScore said.
The day's sales topped $1 billion for the first time last year.
IBM Benchmark, another company that tracks online sales, reported a 33 percent rise from 2010's Cyber Monday, and said shoppers spent 2.6 percent more on average, or about $193.24.
IBM said about 80 percent of retailers offered online deals.
Amazon reportedly eyeing Upstate for new plant
SPARTANBURG -- Spartanburg County is negotiating with Amazon to open a plant that would employ almost 400 workers, county officials said. Amazon had no comment.
Officials named Amazon shortly before a hearing Monday on the project, which is expected to be a $50 million investment by the online retailer and distributor.
Amazon began operations at a larger facility in Cayce this year.