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Stocks edging higher ... Tech stocks rise ... Steven A. Cohen reaches settlement

By The Associated Press | Posted - Jan. 8, 2016 at 12:21 p.m.



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NEW YORK (AP) — U.S. stocks are edging mostly higher this afternoon, but not nearly enough to make up for the huge losses suffered earlier in the week. Turbulence in China's financial markets and worries about its economy have sent stocks around the world sharply lower since the beginning of the year. Wall Street is about to close out its worst week since August.

NEW YORK (AP) — The Dow Jones industrial average added 34 points to 16,547 as of 1:40 p.m. Eastern time. The Dow had lost 392 points the day before. The Standard & Poor's 500 index picked up 3 points to 1,945. The Nasdaq composite rose 15 points to 4,704.

NEW YORK (AP) — Tech stocks rose. Apple rebounded $2.35 to $98.80 and video game maker Electronic Arts picked up $1.86 to $64.33. Energy companies fell with the price of oil and drug stocks also slipped. AbbVie fell $1.28 to $55.93 and Endo International shed $1.99 to $54.37.

WASHINGTON (AP) — Steven A. Cohen will be barred for two years from managing the money of others as part of a civil settlement with federal regulators. The billionaire hedge-fund manager was accused of failing to prevent insider trading at his firm, SAC Capital Advisors. Cohen wasn't fined under the agreement, and neither admitted nor denied the SEC's allegations.

WASHINGTON (AP) — Preliminary government figures show U.S. coal production has fallen to its lowest level in nearly 30 years as cheaper sources of power and stricter environmental regulations reduce demand. The U.S. Energy Information Administration estimates 900 million short tons of coal were produced last year, a drop from about 1 billion short tons in 2014. That's the lowest volume since 1986.

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The Associated Press

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