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WALL STREET
US stocks rebound as factory output surges
NEW YORK (AP) — Stocks have started the week strongly, after investors managed to put aside concerns about the political turmoil in Ukraine Monday and instead focused on a bit of upbeat news about the U.S. economy.
Stocks ended sharply higher, helped by a report that showed factory output rebounded last month.
The Dow added 181.55 points, or 1.1 percent, to 16,247.22. The broader indexes also posted gains approaching 1 percent. The S&P 500 index rose 17.70 points to 1,858.83 and the Nasdaq composite rose 34.55 points to 4,279.95.
The market's gains were broad. All 30 members of the Dow and all 10 industry groups of the S&P 500 finished higher.
Technology stocks were among the biggest gainers, led by Yahoo, which rose 4 percent.
The price of oil dropped to near $98 a barrel. Investors had anticipated Crimea's voted to split from Ukraine and join Russia, and while the vote triggered EU and U.S. sanctions against Russia, none of those measures affect Russia's energy industry.
WORLD MARKETS
Asia stocks rise on data, narrow Russia sanctions
BEIJING (AP) — Asian stocks rose today on stronger U.S. factory production and relief that sanctions imposed on Russia following the Crimea reference avoid its vital economic interests.
Western governments imposed travel bans and asset freezes on 21 people from Russia and Crimea seen as playing key roles in organizing what they consider an unlawful vote.
Sentiment was buoyed by Federal Reserve data showing U.S. factory production in February rose at its fastest rate in six months. That reinforced expectations the Fed will go ahead with a third planned reduction of its stimulus, cutting monthly bond purchases by $10 billion to $55 billion.
Benchmark U.S. crude oil fell below $98 a barrel. The dollar fell against the euro and the yen.
ECONOMY THE DAY AHEAD
Major business and economic events scheduled for Tuesday:
WASHINGTON (AP) — Federal Reserve policymakers begin a two-day meeting to set interest rates today. It's the first policy-setting meeting under new Fed chair Janet Yellen.
This morning, the Labor Department releases its Consumer Price Index for February. Inflation at the consumer level has been tame for the past year, over which time prices have risen just 1.6 percent.
The Commerce Department offers a look at the housing market when it releases data on housing starts for February.
Also this morning, the Treasury Department reports how much foreign buyers adjusted their holdings of U.S. debt in January.
And on the corporate earnings front, Oracle reports its quarterly financial results after the market closes.
YAHOO-ALIBABA
Yahoo stock surges in anticipation of Alibaba IPO
SAN FRANCISCO (AP) — Yahoo is benefiting once again from its stake in China's hottest Internet company, Alibaba Group.
Investors latched on to Yahoo Monday in anticipation of a huge windfall from Alibaba's initial public offering of stock later this year. Yahoo's stock gained $1.51, or 4 percent, to close at $39.11.
Alibaba ignited the excitement about its forthcoming IPO by announcing plans to list its stock on a U.S. exchange.
Yahoo Inc. is expected to sell about half its 24 percent stake in Alibaba as part of an IPO that analysts believe could raise $15 billion. That means Yahoo is likely to collect several billion dollars from AIibaba's IPO. That money could then be used to pay a special dividend to shareholders or buy back more of its stock.
WAL-MART-VIDEO GAMES
Wal-Mart to accept video game trade-ins in stores
NEW YORK (AP) — Wal-Mart plans to expand its video game trade-in program to its stores, offering store credit for thousands of video games.
The world's largest retailer plans to let video game owners trade in used video games online and in Wal-Mart and Sam's Club stores for store credit but not cash. Previously the company offered trade-ins on a more limited basis online.
It will also offer refurbished used games in its stores for the first time.
Wal-Mart has been seeking new ways to boost revenue as its low-income customers remain under pressure due to a weak jobs picture and shaky economy. In its most recent fourth quarter, net income dropped 21 percent, and the Bentonville, Ark.-based company gave a subdued forecast for the current year.
HEALTH OVERHAUL-SIGN-UPS
Health care sign-ups hit 5M mark
WASHINGTON (AP) — The Obama administration says more than 5 million people have signed up for private health insurance under the new health care law.
That still leaves about 1 million to go over the next two weeks for the White House to meet its latest goal of 6 million enrolled by March 31.
That would work out to more than 70,000 people a day. And some independent analysts say that's a stretch.
Medicare administrator Marilyn Tavenner announced the 5-million milestone in a blog post Monday.
March 31 is the last day to enroll for a taxpayer-subsidized health plan through the new online markets, or exchanges.
It's still unclear whether the White House will grant an additional grace period for people who've started — but not finished — their applications by that date.
FAST-FOOD PROTESTS
Fast-food protests to spotlight 'wage theft'
NEW YORK (AP) — Fast-food protests are planned for several U.S. cities today as labor organizers look to bring attention to practices they say illegally deprive workers of their wages.
The protests are planned for about 30 cities, but it's not clear what the scope of the turnout will be. It's part of an ongoing push by labor groups to build support for pay of $15 an hour and the right to unionize.
Organizers have also been referring workers to attorneys, who filed lawsuits in three states last week saying McDonald's was stealing their wages.
McDonald's Corp. said it planned to investigate the allegations and take necessary actions. A representative for the company, based in Oak Brook, Ill., did not immediately provide comment on the planned protests.
VENEZUELA-AIRLINE
Air Canada suspends Venezuela flights over unrest
CARACAS, Venezuela (AP) — Air Canada says it has suspended its flights to and from Venezuela because of civil unrest.
The airline says it can no longer ensure the safety of its operation in Venezuela, which has been roiled by daily street protests over crime and a deteriorating economy for more than a month.
The airline's last flight left Caracas on Sunday. It's offering refunds to those who have purchased tickets for flights after that.
Foreign airlines have struggled under a $3.3 billion debt owed by the Venezuelan government.
President Nicolas Maduro said Friday any airline that reduced or suspended flights in and out of Venezuela would face severe measures. He said any airline that leaves won't be allowed back while he is in power.
SAN FRANCISCO HOME LOANS
San Francisco ups total it will lend to homebuyers
SAN FRANCISCO (AP) — San Francisco will now lend as much as $200,000 to some homebuyers toward a down payment on their first house or condo.
Mayor Ed Lee's decision to double the previous limit of $100,000 is intended to help middle-class residents who've been hit hard by the housing crunch.
The move comes as the median home price in the city reached $925,000 due to low supply and high demand, especially among the city's influx of well-paid tech workers. The city says the previous loan limit is now too low to do much good.
The increased limit will be available to people who make up to 120 percent of the city's median income, which is currently $116,500 for a family of four.
COAL ASH SPILL-NC-DUMPING
NC probes wastewater dumping at Duke plant
RALEIGH, N.C. (AP) — North Carolina regulators say they are investigating whether Duke Energy broke the law when workers pumped contaminated water from a coal ash dump near the Cape Fear River.
State Department of Environment and Natural Resources spokesman Jamie Kritzer said the agency is determining whether Duke violated its wastewater permit at its Cape Fear Plant in Moncure.
The environmental group Waterkeeper Alliance took aerial photos of two large mobile pumps at the facility on March 10. The pumps appear to be sucking water directly from a large coal ash dump into nearby woods and a storm drain leading to a nearby waterway. Coal ash contains arsenic, lead, mercury and other toxic metals.
Duke has described the pumping as "routine maintenance" at the old coal-fired power plant, which shut down in 2012.
MADOFF FRAUD-TRIAL
Jury deliberations start in Madoff workers' trial
NEW YORK (AP) — Jurors have begun deliberating the fate of five former employees of jailed financier Bernard Madoff after hearing dozens of witnesses in New York testify about the historic fraud.
The jury deliberated for more than four hours without reaching a verdict Monday. The deliberations followed a week of closing arguments in a trial that stretched into its fifth month.
The trial focused on what went on within Madoff's offices during a fraud that lasted decades. Thousands of investors lost nearly $20 billion, along with double that in fictitious profits.
Those on trial are Madoff's secretary, his director of operations, an account manager and two computer programmers. Madoff is serving a 150-year prison sentence after pleading guilty to fraud charges after he ran out of money in late 2008.
PRIME TIME INTERNATIONAL-BANKRUPTCY FILING
Cigar maker Prime Time seeks bankruptcy protection
NEW YORK (AP) — Cigar maker Prime Time International Co. is seeking Chapter 11 bankruptcy protection as it deals with increased taxes and a dispute with the U.S. Department of Agriculture.
The Phoenix company filed for bankruptcy protection on Saturday. Prime Time makes and distributes cigars, other tobacco products and energy drinks. It says a 2009 increase in taxes on little cigars badly hurt its business. Prime Time is also involved in a legal dispute with the Agriculture Department, which says the company owes it $11.7 million.
Prime Time says JPMorgan Chase has refused to refinance an outstanding loan and sent a default notice to the company.
Prime Time says its products are sold in about 100,000 convenience stores in North America. It has about $40 million in annual revenue and 73 employees.
US-INFOMERCIAL-PITCHMAN-SENTENCING
TV pitchman Kevin Trudeau gets 10-year sentence
CHICAGO (AP) — TV pitchman Kevin Trudeau has been sentenced to 10 years in prison for bilking consumers via infomercials for his best-selling weight loss book.
In sentencing the 50-year-old Trudeau in Chicago federal court Monday, U.S. District Judge Ronald Guzman said that for decades Trudeau "steadfastly attempted to cheat others for his own personal gain."
Trudeau apologized, saying he was a changed man.
Prosecutors had said they could think of no comparable case of someone cheating people so brazenly. They said Trudeau deserved a sentence of at least 10 years. But defense attorneys said he should serve no more than two years.
Trudeau sold more than 850,000 copies of his book, "The Weight Loss Cure They Don't Want You to Know About." He touted it in commercials that often employed news-interview formats.
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