NEW YORK -- The stock market fell Monday after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.
Major indexes closed higher last week as Greece and Italy moved to form new governments and took other steps to get their debt troubles under control. Worrisome signs re-emerged Monday when Italy's government had to pay 6.29 percent at an auction of five-year bonds, the highest since 1997. That's a sign investors are still concerned about its ability to repay debts.
Bank of America to shed shares in Chinese bank
CHARLOTTE -- Bank of America will sell most of its remaining shares in China Construction Bank as it raises cash and shores up its capital base.
The latest sell-off in the Chinese bank, announced Monday, is expected to generate an after-tax gain of about $1.8 billion. Last month Bank of America posted a $3.6 billion third-quarter gain by selling shares of China Construction. The remaining shares are being sold to private investors.
Lowe's net income falls; chain will shift strategy
MOORESVILLE, N.C. -- Lowe's Cos.' third-quarter profit sank 44 percent to $225 million, weighed down by charges tied to store closings and discontinued projects. Still, the No. 2 U.S. home-improvement retailer beat expectations. Sales climbed 2 percent to $11.9 billion. Lowe's said results have been pressured as consumers stick to renovation products under $500. Executives said the chain is moving toward an "everyday low price" philosophy.
IBM, Intel among new holdings for Berkshire
OMAHA, Neb. -- Warren Buffett's company revealed new stakes in Intel, DirecTV, General Dynamics and CVS Caremark to accompany Berkshire Hathaway Inc.'s headline-making investment in IBM.
Berkshire disclosed the new investments Monday in an update it filed on its U.S. stock holdings. Buffett announced Berkshire's purchase of more than 5 percent of IBM's stock during an earlier interview. Berkshire estimated each of the investments, besides IBM, were valued at less than $200 million at the end of September.
Apple's iTunes Match is online after brief delay
CUPERTINO, Calif. -- Apple has turned on its iTunes Match service some two weeks late.
The $25-a-year subscription promises to match every song on a person's computer and store the tunes in an online account on distant servers known as the "cloud." The songs can then be downloaded or streamed to other Apple devices without needing to physically connect them to the computer.
Big banks to pay $165M to end credit union case
WASHINGTON -- Citigroup Inc. and Deutsche Bank are agreeing to pay a total of $165.5 million to settle claims that they misled five failed credit unions about the risk of securities tied to mortgages.
The National Credit Union Administration announced settlements Monday with the banks over the securities they sold the five wholesale credit unions. The federal agency seized the credit unions in 2009 and 2010, and liquidated them. It imposed charges of $3.3 billion on the 7,000 U.S. credit unions to cover the losses.
Spirit Air boosts online fee for domestic flights
NEW YORK -- Spirit Airlines has nearly doubled the fee it charges to book domestic tickets online. The company, which serves Myrtle Beach, increased its "passenger usage fee" from $8.99 each way to $16.99 last week, said a spokeswoman.