Stocks skid after worrisome report
NEW YORK -- Stocks fell Monday after more signs of slowing economic growth got investors worried ahead of a key report on jobs later this week.
All of the major indexes also fell more than 1 percent. Bond prices rose, sending interest rates lower, as money moved back into Treasurys.
The latest cause for worry on the economy came in a report Monday showing that personal incomes rose less than expected in July. That added to a series of discouraging economic indicators recently suggesting that growth could slow down in the second half of the year.
Investors have been focusing on employment data as a way of predicting where the economy is going. Signs of a slowdown in growth has plagued the market for more than a month.
3M to buy Cogent for about $943 million
NEW YORK -- 3M, which makes products ranging from Post-Its to respirators and films for LCD TV screens, said Monday that it has agreed to acquire Cogent Inc. in a deal worth about $943 million.
Cogent develops automated systems that read finger and palm prints. 3M already operates a division for identification and authentication systems. Ming Hsieh, Cogent's founder, said the acquisition would help 3M compete in border control and law enforcement markets.
Google, AP strike a deal over content
SAN FRANCISCO -- Google Inc. and the Associated Press on Monday said they have reached a new licensing agreement that would allow the Internet giant to continue using the wire service's content. AP and Google also said the two companies plan to explore new ways by which news is searched and distributed on the Web.
AP had been critical of the way Google and other sites have been able to control public access to news stories, without compensating the organizations that provide the content.
Bernanke to testify on 'too big to fail'
WASHINGTON -- Federal Reserve Chairman Ben Bernanke will testify before the bipartisan Financial Crisis Inquiry Commission on Thursday about his role in the bank bailouts that sent billions of taxpayer dollars to banks deemed "too big to fail."
Bernanke and other officials considered the banks "too big to fail" because they feared the banks' failures could spread panic and bring down the broader financial system. The government rescued insolvent companies such as Bear Stearns, Merrill Lynch and American International Group Inc. by brokering their sale to competitors or putting them under government control.
Calif. plastics firm invests in Upstate
COLUMBIA -- The state Commerce Department said Monday that plastic maker Jatco Inc. will invest $2 million and employ 39 people in a new production facility in Greenwood.
The agency said the California company is renovating an existing building and expects to begin production before the end of the year.
Jatco Chief Executive Paul Appelblom said demand for his company's plastic molding products is growing. Jatco's customers range from printing to the medical sector. The facility would be its first on the East Coast.