NEW YORK (AP) — Stocks have turned modestly higher in afternoon trading, after being lower earlier in the day. Shares in Family Dollar soared after Dollar Tree announced plans to buy the rival discount store for roughly $8.5 billion. Trulia jumped on news that Zillow, a rival real-estate listing service, said it has agreed to buy it for $3.5 billion.
WASHINGTON (AP) — The real estate market appears to have cooled off this summer, with fewer Americans signing contracts to buy homes in June. The National Association of Realtors says its seasonally adjusted pending home sales index slipped 1.1 percent to 102.7 last month. Sales have been slowed by a mix of meager wage growth, rising home prices, and mortgage rates that rose steadily through the end of last year.
WASHINGTON (AP) — The government says Medicare’s finances have improved. The program’s hospital trust fund won’t be exhausted until 2030 — four years later than last year’s estimate. Social Security’s massive retirement program will remain solvent until 2034, although disability benefits are in more immediate danger.
LONDON (AP) — Lloyds Banking Group is paying $369 million to U.S. and British authorities to settle allegations it manipulated the London interbank offered rate — the rate used by banks to borrow from each other. LIBOR affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans. And Lloyds is the sixth financial firm sanctioned in the international rate-rigging scandal.
NEW YORK (AP) — Red Lobster says it’s getting fancier. The seafood restaurant chain says it’s getting rid of some of its promotional discounts and plating dishes higher as is the style at fancy restaurants. The changes come as Darden Restaurants finalizes its sale of Red Lobster to investment firm Golden Gate Capital. Red Lobster’s new CEO, Kim Lopdrup says, “At the end of the day, people are not going to go a Chipotle for their anniversary or their birthday.”
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