NEW YORK (AP) -- Stocks budget higher on Wall Street when trading opened and shortly after Standard & Poor's agency raised its outlook for the U.S. government's debt rating. But the gains proved fickle and the market spent most of the day flitting between small gains and losses. At day's end, the Dow Jones industrial average and the S&P 500 were lower, but just barely.--
WASHINGTON (AP) -- President Barack Obama has picked Jason Furman, a member of the Washington economic establishment, t o be the next chairman of the White House's Council of Economic Advisers. If confirmed by the Senate, the 42-year-old Furman would replace Alan Krueger, who is returning to his teaching post at Princeton University
DALLAS (AP) -- Chipmaker Texas Instruments Inc. narrowed its second-quarter net income and revenue outlook today. The company said it now expects to earn between 39 and 43 cents per share on $2.99 billion to $3.11 billion in revenue for the quarter ending June 30. In April, Texas Instruments forecast net income of 37 to 45 cents per share and $2.93 billion to $3.17 billion in revenue in the current quarter. Analysts expect net income of 41 cents per share and $3.06 billion in revenue, according to FactSet.
NEW YORK (AP) -- Apple unveiled an Internet radio service called iTunes Radio on Monday and said the service will personalize listeners' music based on what they've listened to and what they've purchased on iTunes. Apple said iTunes Radio will be available this fall in the U.S. It will be free with advertisements included, although subscribers of Apple's iTunes Match music-storage service will get a commercial-free version of iTunes Radio.
TRENTON, N.J. (AP) -- Federal prosecutors in New Jersey say a former executive for biopharmaceuticals company Bristol-Myers Squibb has admitted using his high-level position and access to nonpublic information to make about $310,000 from insider trades. Robert Ramnarine pleaded guilty today to securities fraud. The 46-year-old East Brunswick resident faces up to 20 years in prison and a $5 million fine when he's sentenced in September. Ramnarine worked at the New York City-based company from 1997 to August 2012, holding several high-level positions.
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