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New high on Wall Street ... FTC goes after T-Mobile USA ... Infant seat recall

Tuesday - 7/1/2014, 6:10pm  ET

NEW YORK (AP) -- The stock market rose to an all-time high today, buoyed by evidence of a global recovery in manufacturing. The Dow Jones industrial average climbed within two points of 17,000 for the first time after separate surveys showed manufacturing expansion trends in both the United States and China. The Standard & Poor's 500 index rose 13.09 points, or 0.7 percent.

WASHINGTON (AP) -- The Federal Trade Commission is alleging that T-Mobile USA, Inc., made "hundreds of millions" of dollars off its customers through bogus charges. In a complaint filed today, the FTC says the mobile phone provider billed consumers for subscriptions to "premium" texts such as $10-per-month horoscopes that were never authorized by the account holder. The FTC alleges T-Mobile collected as much as 40 percent of the charges, even after being made aware that the subscriptions were scams.

DETROIT (AP) -- Graco Children's Products is recalling 1.9 million infant car seats, agreeing to government demands in what is now the largest seat recall in American history. The recall came after a five-month spat between Graco and the National Highway Traffic Safety Administration. Earlier this year the company recalled 4.2 million toddler seats for a harness buckle problem. But it resisted the agency's demand to recall the infant seats.

UNDATED (AP) -- The price of oil held steady Tuesday despite signs that manufacturing activity grew in the U.S. and China, the world's two biggest oil consumers. Benchmark U.S. crude for August delivery fell 3 cents to close at $105.34 a barrel in New York. It is the fourth day in a row of declines and the sixth decline in the last seven trading days. The contract closed at a 10-month high of $107.26 on June 20.

DETROIT (AP) -- U.S. auto sales grew at the fastest pace in eight years in June, surprising the industry and setting it up for a strong second half of the year. Sales rose 1.2 percent over last June to 1.4 million cars and trucks, according to Autodata Corp. GM, Toyota, Hyundai and Nissan all saw increases over last June. Honda sales were flat, while sales at Ford and Volkswagen were down.


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