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NEW YORK (AP) — Stocks are higher though gains are modest in afternoon trading. Technology stocks have been making some of the largest moves and financial stocks are also up after several major U.S. banks reported strong third-quarter results. Positive economic reports from the U.S. and China are helping to fuel the gains. The Commerce Department says retail sales bounced back in September, while the Labor Department says producer prices rose. In China, consumer prices rose 1.9 percent last month.
NEW YORK (AP) — Two of the nation's biggest banks are reporting falling profits. JPMorgan Chase's third-quarter profits fell 8 percent from the same period last year, as higher revenue in the bank's retail and investment banking divisions was offset by low interest rates. Citigroup's profit fell nearly 11 percent. But both banks earnings reports were better than analysts have been anticipating.
HARRISBURG, Pa. (AP) — The natural gas industry is challenging new regulations that govern surface development of shale gas wells. Drillers in the Marcellus Shale filed suit against the Pennsylvania Department of Environmental Protection and the state's Environmental Quality Board over rules that took effect last week. The Marcellus Shale Coalition, a trade group, says some of the new rules are vague, burdensome and unlawful. The lawsuit seeks to block their enforcement. The regulations have been under development since 2011
WASHINGTON (AP) — Medicare is overhauling how it pays doctors and other clinicians. Compensation for medical professionals will start taking into account the quality of service and not just quantity. The regulation known as MACRA creates two payment systems. Medical practices can earn higher reimbursements if they learn new ways of doing business. That includes being willing to accept financial risk and reward for performance, reporting quality measures to the government, and using electronic medical records.
LONDON (AP) — The High Court in London has ruled that a British financial trader suspected of helping to trigger the 2010 "Flash Crash" in stock markets can be extradited to the United States. Navinder Singh Sarao is facing 22 charges related to the crash, which saw U.S. stock values plunge and rebound, with tens of billions of dollars lost in just five minutes. The 37-year-old is accused of helping to spark the market mayhem from his parents' suburban London home. U.S. officials say he made $875,000 on that day.
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