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Stocks surge...GE clears hurdle in Alstom deal...Macy's to close up to 5 percent of stores

By The Associated Press | Posted - Sep. 8, 2015 at 3:51 p.m.



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NEW YORK (AP) — Wall Street's wild ride continues. Stocks have surged to their second-biggest gain of the year, more than wiping out Friday's big loss and leaving the Dow down just slightly for the month. The S&P 500 gained 48 points to 1,969. The Dow rose 390 points to 16,493. And the Nasdaq composite climbed 128 to 4,812. Big moves have become commonplace for financial markets in recent weeks as investors have worried about the health of the Chinese economy and the outlook for U.S. interest rates. Some strategists believe a sell-off in stocks that began in the middle of August is over, while others say there may be more selling ahead.

BRUSSELS (AP) — The European Union has approved General Electric's $14 billion takeover of the power and transmission division of French company Alstom, pending the sale of key parts of Alstom's heavy duty gas turbines business. Tuesday's decision comes in the wake of an investigation to see if the takeover would distort the market. The EU's Antitrust Commissioner said approval of the deal depended on the sale of the gas turbines division, because it would have hurt competition in a sector she sees as key to fighting climate change.

NEW YORK (AP) — Macy's says it will close 35 to 40 stores in early 2016 -- as much as 5 percent of its namesake stores. The company says it hasn't decided which stores it will close yet, but it expects the locations will have about $300 million in combined revenue. Workers at the stores to be shuttered are expected to be relocated to neighboring stores or offered severance packages. Macy's says it closes a few underperforming stores every year. The Cincinnati-based company runs 770 Macy's stores and has closed 52 locations over the last five years while opening 12.

UNDATED (AP) —The chairman and CEO of United Airlines is stepping down in connection with an investigation into dealings with the agency that operates New York airports. United Continental Holdings Inc. says Jeff Smisek and two other senior executives have resigned and railroad executive Oscar Munoz will be the new CEO and president. United disclosed earlier this year that the company and some of its executives had received subpoenas from a federal grand jury for information about dealings with the Port Authority of New York and New Jersey.

NEW YORK (AP) — Dutch drugmaker Mylan says it will launch a $27 billion offer for Irish generic drug and ingredients maker Perrigo next Monday. Perrigo has already turned down several offers from Mylan, so Mylan says it will take the latest offer directly to the company's shareholders. The company said in August it was confident shareholders would reject the bid.

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The Associated Press

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