NEW YORK (AP) — Stocks are mostly higher in early trading on Wall Street, after the government said the number of people seeking unemployment benefits remains at a multi-year low. Bank of America rose 1 percent after it announced a settlement with the Justice Department over its sale of mortgage-backed securities in the months leading up to the financial crisis.
WASHINGTON (AP) — The government has reached a nearly $17 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis. The deal announced today calls for the nation’s second-largest bank to pay a $5 billion cash penalty and provide $7 billion in relief to struggling homeowners, borrowers and communities.
WASHINGTON (AP) — There’s more evidence today that the job market is improving. The Labor Department says applications for unemployment benefits fell by 14,000 last week to a seasonally adjusted 298,000. The prior week’s figures were revised up slightly to 311,000. The less-volatile four-week average rose 4,750 to 300,750. It remains close to levels that predate recession of 2007-2009.
WASHINGTON (AP) — Sales of existing U.S. homes have risen for a fourth straight month, to their highest level in nearly a year. The National Association of Realtors says home sales rose 2.4 percent in July to a seasonally adjusted annual rate of 5.15 million, the highest since last September. July’s sales were still 4.3 percent lower than a year ago. Sales peaked in July 2013 and then fell as interest rates began to rise.
WASHINGTON (AP) — A gauge designed to predict the economy’s future health has posted the sharpest advance in four months. The Conference Board says its index of leading indicators rose 0.9 percent in July, the sixth straight increase and the best showing since a 1 percent rise in March. The index, composed of 10 forward-pointing indicators, had risen 0.6 percent in June. A big rise in applications for building permits was a key source of strength.
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