NEW YORK (AP) — Stocks are mixed in morning trading on Wall Street. The S&P 500 is poised for its biggest weekly loss since April, after closing out last week at a record high. Stocks have retreated from all-time highs this week as investors worried that the rally may have overreached. Concerns about the soundness of a Portuguese bank also contributed to a sell-off yesterday.
LISBON, Portugal (AP) — Portugal’s biggest bank has dismissed speculation that it’s at risk from potential debt defaults by other companies in its financial and industrial group. That assurance from Banco Espirito Santo has helped stabilize European stock markets, which were spooked yesterday by concerns about the bank’s liabilities. The bank says it has a big enough cushion to cover its exposure and keep it within regulatory requirements.
NEW YORK (AP) — Chrysler is recalling 651,000 Jeep and Dodge SUVs in the U.S. because vanity mirror lights that have undergone repairs can short circuit and start a fire if not reassembled correctly. The recall is for certain 2011 to 2014 Jeep Grand Cherokee and Dodge Durango models. Chrysler says it has seen the problem only in lighted sun visor mirrors that have been repaired. But as a precaution, it says the recall applies to all of the vehicles.
NEW YORK (AP) — The National Highway Traffic Safety Administration says it is investigating possible steering problems in about 500,000 Ford cars. The investigation covers 2004 to 2007 Crown Victoria, Grand Marquis and Marauder models. The safety agency says a heat shield in the car can rust, dislodge and cause the steering shaft to jam. It says it knows of one injury. In that case, the steering froze as a driver entered a highway entrance ramp, causing the car to roll over.
RICHMOND, Va. (AP) — Cigarette makers Reynolds American and Lorillard say they are in talks about a possible merger that would combine two of the nation’s biggest tobacco companies. Today’s announcement follows media reports over the past few months about the possible combination that would create a formidable No. 2 to rival Altria Group, owner of Philip Morris USA.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
