NEW YORK (AP) — Dismal earnings from major retailers are helping drag U.S. stocks lower this morning. At 10:25 a.m., the Dow Jones industrial average was down 67 points, at 16,445. The Nasdaq composite was down 22 points at 4,104. And the S&P 500 was down six points at 1,879.
WASHINGTON (AP) — President Barack Obama meets today with executives from 10 foreign and U.S.-based companies to talk about creating U.S. jobs. Today’s gathering is designed to illustrate growing interest in the United States by firms capable of opening new plants in the U.S. instead of overseas and creating high-paying jobs. White House advisers say streamlining U.S. outreach to foreign companies has resulted in $18 billion in new business investments in the U.S.
AMSTERDAM (AP) — The European Union’s top competition regulator is accusing JPMorgan, HSBC and Credit Agricole of colluding to manipulate the price of financial products linked to interest rates. The European Commission’s Joaquin Almunia says the banks will have a chance to respond to his preliminary findings. If the Commission ultimately concludes they’ve broken the law, it can impose a maximum fine of up to 10 percent of their annual revenue. In 2013, the Commission levied fines totaling $1.42 billion on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case.
LANSING, Mich. (AP) — Michigan lawmakers could vote on legislation today that would provide nearly $195 million in state money to help Detroit emerge from bankruptcy while keeping the city under state oversight for decades. The legislation would commit the money to help prevent steeper cuts to retiree pensions and the sale of pieces at the Detroit Institute of Arts. City unions oppose provisions in the bills that aren’t part of a deal brokered with bankruptcy mediators.
NEW YORK (AP) — Target has fired the president of its troubled Canadian operations, Tony Fisher, and is replacing him with a 15-year U.S. company veteran. The executive shakeup in Canada comes two weeks after the abrupt resignation of Target’s CEO and Chairman Gregg Steinhafel. Target says Mark Schindele, who was senior vice president of merchandising operations, will now run the Canadian operation. Target’s expansion into Canada last year has struggled with weak sales and losses.
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