NEW YORK (AP) -- Stocks are modestly higher in early trading on Wall Street, despite the threat of automatic, across-the-board government spending cuts taking effect in less than a week. The Dow is within 150 points of its record high reached in October 2007. Last week the S&P 500 saw its first weekly decline of the year.
NEW ORLEANS (AP) -- A trial has begun in New Orleans to identify the causes of the 2010 oil rig explosion that killed 11 workers and sent oil spilling into the Gulf of Mexico, and assign percentages of fault. A federal judge is scheduled to hear several hours of opening statements today by lawyers for the companies involved, federal and state governments and others who sued over the disaster.
NEW YORK (AP) -- Macy Chairman, President and CEO Terry Lundgren is scheduled to testify in New York State Supreme Court today in a trial that pits the department store chain against rival J.C. Penney Co. over a partnership with Martha Stewart. The trial focuses on whether Macy's has the exclusive right to sell Martha Stewart-branded products in such categories as cookware, bedding and bath.
DETROIT (AP) -- The National Highway Traffic Safety Administration says it will investigate problems with stalling or surging engines in nearly 725,000 Ford cars and SUVs. The probe involves Ford Escape and Mercury Mariner SUVs and Ford Fusion and Mercury Milan sedans from the 2009 through 2011 model years.
STOCKHOLM (AP) -- Ikea says it's stopped selling its meatballs in Sweden after authorities in the Czech Republic detected horse meat in them. It's not clear if the furniture maker also will stop selling its Swedish meatballs in other countries.
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