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Stocks rally...Moody's raises outlook for US banks...Nike cuts ties with Livestrong

Tuesday - 5/28/2013, 4:59pm  ET

NEW YORK (AP) -- The 2013 Wall Street rally has come back to life after the long Memorial Day weekend. Stocks are soaring on news that U.S. home prices rose the most in seven years and consumer confidence reached a five-year high. The Dow Jones industrial average climbed as much as 218 points during morning trading before giving back about half of the gain.

NEW YORK (AP) -- Moody's Investors Service has raised its outlook for the U.S. banking industry for the first time in five years. The rating agency says sustained economic growth and a better jobs picture will help banks over the next 12 to 18 months. Moody's raised its outlook for the industry to "Stable" from "Negative," where it had been since 2008, the year the financial crisis struck.

NEW YORK (AP) -- The founder of an online currency transfer business based in Costa Rica is among seven people indicted in what U.S. authorities say was a $6 billion international money-laundering scheme. Federal prosecutors say the network processed at least 55 million illegal transactions worldwide for 1 million users, including 200,000 in the United States. The indictment was unsealed today in federal court in New York.

NEW YORK (AP) -- A self-described anarchist and "hacktivist" from Chicago has pleaded guilty to charges he illegally accessed computer systems of law enforcement agencies and government contractors. Jeremy Hammond told a federal judge in New York City that he knew what he was doing was wrong. Hammond was caught last year with the help of a famous hacker who later helped law enforcement infiltrate the worldwide hacking group Anonymous.

AUSTIN, Texas (AP) -- Nike is cutting ties with Lance Armstrong's Livestrong cancer charity in the latest fallout from the cyclist's doping scandal. The move by the sports shoe and clothing company ends a relationship that began in 2004. Nike helped the foundation raise more than $100 million and introduced the yellow wristband that became an international symbol for cancer survivors.


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