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Friday, May 24, 2013 | 3:03 p.m.

Financial Services

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Stocks head lower, market on track for weekly loss

The stock market headed slightly lower Friday, keeping on track for its first weekly loss in a month. The Standard & Poor's 500 index was down three points at 1,647, a slip of 0.2 percent, as of 1:30 p.m. Eastern time. The Dow Jones industrial average was down three points ...

  • Updated: 1:44 p.m. Friday, May 24, 2013
A man walks by an electronic stock board outside a securities firm in Tokyo, Friday, May 24, 2013. The Nikkei's dramatic fall Thursday was attributed on the spike in the interest rate on the country's benchmark 10-year bond to above 1 percent for the first time in a year, which came after Fed meeting minutes showed some of its policy makers want the U.S. central bank to start scaling back its monetary stimulus. (AP Photo/Itsuo Inouye)

World stocks lower after big sell-off

World stocks edged lower on Friday, a day after markets around the world dropped sharply on concerns global growth is slowing and the Federal Reserve could start scaling back its monetary stimulus. Japan's Nikkei, which had led the previous day's losses with a plunge of over 7 percent, seesawed throughout ...

  • Updated: 12:14 p.m. Friday, May 24, 2013

China gives US regulators access to audit records

China has agreed to give U.S. regulators access to audit records for Chinese companies whose shares trade on U.S. stock exchanges, a step forward in a long-running dispute. The Public Company Accounting Oversight Board, a watchdog agency for the accounting industry, announced the agreement with China on Friday. The Securities ...

  • Updated: 10:33 a.m. Friday, May 24, 2013

Fla. Gov. asked to return money to insurer

A leading Florida Democrat is calling on Gov. Rick Scott to return $110,000 in campaign contributions from an insurer. Dan Gelber, a former state senator and potential future statewide candidate, wrote a letter Friday to Scott saying that the deal "smells." Heritage Property Insurance and Casualty Insurance is getting $52 ...

  • Updated: 9:25 a.m. Friday, May 24, 2013
A money trader works under a screen indicating the U.S. dollar is traded at 103.08 yen at a foreign exchange company in Tokyo, Thursday, May 23, 2013. The dollar fell to 103 yen level. (AP Photo/Shizuo Kambayashi)

Asia stock markets edge up after big sell-off

Asian stock markets staged a mild recovery Friday, a day after being routed by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary stimulus. Japan's Nikkei 225 index, which plummeted more than 7 percent Thursday, bounced back a sizeable 2.8 percent to 14,892.57. South Korea's ...

  • Updated: 10:57 p.m. Thursday, May 23, 2013
FILE - In this Dec. 6, 2012, photo, an employee walks through the appliance department at a Sears in North Olmsted, Ohio. Sears Holdings Corp. reports quarterly financial results before the market opens on Thursday, May 23, 2013. (AP Photo/Mark Duncan, File)

Sears reports bigger-than-expected 1Q loss

It was another ugly quarter for Sears Holdings Corp. The beleaguered department-store chain reported a steeper-than-expected loss for its first quarter on slumping sales. It also announced that it is considering selling its protection-agreement business in an ongoing effort to raise cash as it struggles to reverse its fortunes. The ...

  • Updated: 9:09 p.m. Thursday, May 23, 2013
Peter Lee, executive director of Covered California, the state agency running the state's new health exchange, announced the plans and prices that will be offered by private insurers during a news conference in Sacramento, Calif., Thursday, May 23, 2013. Some of the state's largest health insurers will be among those companies offering competing polices to millions of Californians who are expect to purchase coverage under President Barack Obama's Affordable Care Act. (AP Photo/Rich Pedroncelli)

Health reform plans, pricing released in Calif.

Californians are finally getting to see what "Obamacare" means for them. President Barack Obama's health care overhaul made a big leap Thursday when California's health insurance exchange announced the plans and the prices that will be offered to those buying individual coverage. Some of the state's largest individual health insurers, ...

  • Updated: 7:28 p.m. Thursday, May 23, 2013
This undated photo provided by Hobby Lobby Stores Inc., shows its co-founders David and Barbara Green who are asking a federal appeals court in Denver on Thursday, May 23, 2013, for an exemption from part of the federal health care law that requires it to offer employees health coverage that includes access to the morning-after pill. The Oklahoma City-based arts-and-crafts chain argues that businesses, and not just religious groups, should be allowed to seek exemptions from that part of the health law if it violates their religious beliefs. (AP Photo/Hobby Lobby)

Hobby Lobby tests birth-control coverage mandate

In the most prominent challenge of its kind, Hobby Lobby Stores Inc. asked a federal appeals court Thursday for an exemption from part of the federal health care law that requires it to offer employees health coverage that includes access to the morning-after pill. The Oklahoma City-based arts-and-crafts chain argued ...

  • Updated: 7:22 p.m. Thursday, May 23, 2013
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Trader John Panin, second left, adjusts his glasses as he works on the floor of the New York Stock Exchange Thursday, May 23, 2013. A global stock market slump is continuing on Wall Street as traders worry about how committed the Federal Reserve remains to keeping up its bond-buying program. (AP Photo/Richard Drew)

Stocks edge lower as investors reassess Fed fears

Investors recovered their poise after a shaky start to trading on Wall Street that sent stocks sharply lower. U.S. markets plummeted immediately after the opening bell Thursday following a global slump prompted partly by an unexpected slowdown in Chinese manufacturing. Concern that the Federal Reserve might ease back on its ...

  • Updated: 6:02 p.m. Thursday, May 23, 2013

ECB official: New bank authority 'indispensable'

European Central Bank President Mario Draghi said it was "imperative" that Europe's leaders create a new agency with powers to restructure busted banks in order to help the region leave its economic and financial crisis behind it once and for all. In the text of a speech to be delivered ...

  • Updated: 5:37 p.m. Thursday, May 23, 2013
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