NEW YORK (AP) — The stock market staged a late-day rally today, helping push the Dow Jones industrial average higher for the first time in a week. Investors had a couple pieces of positive news to get behind: a decent earnings report from Berkshire Hathaway and the announcement of a rescue package for a struggling Portuguese bank.
WASHINGTON (AP) — The U.S. Treasury Department has raised by $22 billion its estimate of what it needs to borrow in the third quarter to keep the government operating. Treasury said today that it expects to borrow $192 billion in the July-September period, up from an estimate of $170 billion announced in April. The borrowing increase is mainly due to the government taking in less in revenue than previously expected.
NEW YORK (AP) — The Labor Department says that professional networking service LinkedIn has agreed to pay nearly $6 million in unpaid wages and damages to 359 current and former employees. The U.S. agency says an investigation found LinkedIn Corp. in violation of overtime and record-keeping rules that are part of the federal Fair Labor Standards Act. It said the violations occurred at company branches in California, Illinois, Nebraska and New York.
BUENOS AIRES, Argentina (AP) — Several international banks are reportedly in talks that could end the legal battle that pushed Argentina into a default that threatens its economy. The banks are said to be negotiating to buy some of the Argentine bonds held by U.S. investors whose demand for a higher payment from the government led to a bruising court battle.
BOSTON (AP) — Executives at the troubled Market Basket supermarket chain in New England stepped up their efforts today to fight back against a workers’ revolt and customer boycott that have paralyzed the company and drawn attention for their unusual demand to reinstate the previous CEO. Market Basket operates 71 stores in Massachusetts, New Hampshire and Maine.
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