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NEW YORK (AP) — Stocks are higher after investors set aside a pair of weak reports on the economy. The government says the economy shrank at annual rate of 2.9 percent in the first three months of the year and that orders for long-lasting goods sank 1 percent in May. The Dow climbed 49 points to 16,867. The S&P 500 rose nine points to 1,959. The Nasdaq gained 29 points to 4,379.
UNDATED (AP) — The price of oil is up again today as news that the U.S. government is selectively allowing exports of certain light oils offset an unexpected increase in the nation's supply of oil. Benchmark U.S. crude for August delivery rose 47 cents to $106.50 per barrel in New York. Brent crude, used to price international oils, dropped 46 cents to $114 a barrel in London.
WASHINGTON (AP) — Regions Financial will pay $51 million in a settlement with federal and Alabama regulators over alleged faulty accounting of loans that inflated the bank's income in financial reports. Regions signed the settlement today. The Securities and Exchange Commission also agreed not to pursue legal action against Regions because it cooperated and taken steps to fix problems.
NEWARK, N.J. (AP) — Free Wi-Fi is coming to the New York City metro area's major airports. The Port Authority of New York and New Jersey has approved a plan to offer free access at Newark, JFK and LaGuardia airports, to a point. Wi-Fi would be free for 30 minutes. Then travelers would have to pay $7.95 for the day. The free service could be available as early as this fall.
JERSEY CITY, N.J. (AP) — An agreement has been reached to pay for the completion of the stalled 80-story 3 World Trade Center project. The Port Authority of New York and New Jersey has approved a deal with developer Larry Silverstein after months of negotiations. The Port Authority's executive director says the deal won't require the agency to guarantee funds raised by Silverstein.
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