NEW YORK (AP) — U.S. stocks are up moderately in early trading today as investors pore over corporate earnings reports. At 10:30 a.m. Eastern Time, the Dow Jones industrial average rose 39 points to 16,362. The S&P 500 added six points to 1,881. And the Nasdaq gained 16 points to 4,230.
NEW YORK (AP) — JPMorgan Chase CEO Jamie Dimon (DY’-muhn) says more coordination between businesses and government is needed to combat the rising threat of cyberattacks. A breach of JPMorgan’s computer systems this summer compromised customer information from roughly 83 million households and small businesses. Dimon says cybercrime is “going to be an ongoing battle, and unfortunately battles will be lost.”
NEW YORK (AP) — Citigroup is leaving the retail banking business in 11 markets as part of its ongoing effort to restructure and slim down since the financial crisis. Citi says the markets impacted would primarily be in Latin America, Egypt, Japan and parts of Eastern Europe. By the time the sales are wrapped up, Citi will offer consumer banking in 24 markets.
MILAN (AP) — A new study suggests that a tumultuous series of geopolitical events is slowing growth in the luxury goods sector. The study by consultants Bain & Company says sales of designer apparel, leather goods and jewelry are expected to increase 2 percent this year to $282 billion from $276 billion in 2013. Senior Bain partner Claudia D’Arpizio says world events such as the crisis in Ukraine and declining consumer confidence in Europe have slowed the pace of luxury goods purchases. Chinese consumers are still the biggest collective spenders.
WASHINGTON (AP) — The Food and Drug Administration will ask a panel of experts later this week whether a bold-letter warning on the anti-smoking drug Chantix should be removed based on company-supported evidence that the drug does not cause suicidal behavior. Pfizer’s twice-a-day tablet has carried the FDA’s strongest warning label, known as a black box, since 2009 because of reports of suicidal behavior, hostility and depression.
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