Stocks edge higher…Yellen has one-on-one with Obama…Hyandai, Kia pay penalties over mileage

NEW YORK (AP) — Stocks are continue to swing between small gains and losses in afternoon trading as investors assess some mixed reports on the economy and some deal news. The Institute for Supply Management says U.S. factories were busier in October, while the government reports construction spending fell in September. Meanwhile, French advertising group Publicis says it’s buying Boston-based marketing, communications and consulting firm Sapient for $3.7 billion in cash. And LabCorp says will pay about $6.1 billion in cash for Covance.

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen is having her first one-on-one meeting with President Barack Obama since she assumed her current post in February. The president is getting her perspective on the economy and the outlook for a global recovery ahead of his trip to Asia, which includes a meeting in Australia of the Group of 20 largest economies.

DETROIT (AP) — Korean automakers Hyundai (HUHN’-day) and Kia will pay the U.S. government a $100 million penalty to end a two-year investigation into overstated gas mileage claims on 1.2 million vehicles. The penalty is the first under new rules aimed at limiting the amount of heat-trapping gases cars are allowed to emit and could serve as a precedent for other automakers who overstate mileage in violation of the Clean Air Act.

NEW YORK (AP) — Researchers are estimating U.S. consumers will spend about $89 billion by Christmas. That’s about $10 billion more than last year. Forrester Research says it expects online shopping to account for 14 percent of total retail spending over the holiday period, with some 3.4 million Americans shopping online for the first time.

HOFFMAN ESTATES, Ill. (AP) — Sears and Kmart say they will open on Thanksgiving day again this year with extended hours to draw shoppers. Sears will open at 6 p.m., two hours earlier than last year. Kmart, meanwhile, plans to let shoppers in at 6 a.m. It will stay open for 42 hours straight, an hour longer than last year.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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