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NEW YORK (AP) — Stocks are closing higher after a three-day drop. Banks rose more than the rest of the market on hopes of higher interest rates. The Dow industrials rose 107 points to 18,503. The S&P climbed 11 points. And the Nasdaq gained 13 points. Benchmark U.S. crude oil fell 66 cents to $46.98 a barrel.
NEW YORK (AP) — Wells Fargo, the nation's largest mortgage lender, gained more than 2 percent on Wall Street Monday following word of a likely interest rate hike from Federal Reserve Chair Janet Yellen. Herbalife was another big Wall Street winner. The supplements and weight-loss products company gained 4 and a half percent on word that its largest shareholder, Carl Icahn, had increased his stake in the company. CF Industries Holdings gained 4 percent after Barron's said the beaten-down fertilizer giant could move higher.
DETROIT (AP) — More than 200,000 owners of Volkswagens with 2-liter diesel engines that cheat on emissions tests have registered to settle with the company under the terms of a June court agreement. The figure was revealed in court by class action attorneys looking for final approval of the settlement involving 475,000 owners. They say only 235 have asked to stay out of the settlement and pursue legal action on their own. A federal judge has given the $15 billion settlement preliminary approval, with a final decision expected Oct. 18.
NEW YORK (AP) — Oreo cookie maker Mondelez says it has ended discussions of a possible merger with Hershey. The combination would have created a global powerhouse selling some of the world's best known chocolates and snacks. Hershey had said in June that it rejected the takeover bid from Mondelez in a deal valued at roughly $22 billion. In a statement Monday, Mondelez said the company decided there's no "path forward toward an agreement" following additional discussions.
DALLAS (AP) — The president and No. 2 executive at American Airlines is leaving to take the same job with rival United Airlines. United says Scott Kirby has been named president and will oversee operations, sales and other duties. Kirby was often seen as a likely successor to American Airlines CEO Doug Parker. Instead, he will add airline-industry expertise to United's management. The airline is led by a longtime railroad executive who became CEO less than a year ago.
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