NEW YORK (AP) -- Stocks are climbing in afternoon trading on Wall Street after opening higher, falling back, then rebounding. Miners and other companies that make basic materials surged after news that China's trade rebounded in July, signaling the end of a six-month slowdown for the world's second-largest economy. A slump in telecommunications stocks held back the broader market.
NEW YORK (AP) -- J.C. Penney shares jumped 7 percent after a media report that the retailer is starting a search to replace CEO Mike Ullman. He retook the reins in April as CEO Ron Johnson was ousted after 17 months on the job. CNBC reported that the company is seeking a new CEO and activist investor Bill Ackman sent a letter to J.C. Penney's board saying the process should be sped up.
NEW YORK (AP) -- The U.S. Justice Department is investigating JPMorgan Chase over mortgage-backed investments the bank sold in the run-up to the financial crisis. The New York-based bank says in a regulatory filing that it is responding to investigations by the civil and criminal divisions of the U.S. Attorney's office for the Eastern District of California. In May, the civil division informed JPMorgan that it had "preliminarily concluded" that the bank had violated federal securities laws in connection with certain mortgage-backed investments it sold from 2005 to 2007.
NEW YORK (AP) -- McDonald's says a key sales figure edged up modestly in July, as the popularity of its cheaper offerings in the U.S. helped offset declines in Europe. The world's biggest hamburger chain says global sales rose 0.7 percent at restaurants open at least 13 months. That included a 1.6 percent increase in the U.S., where breakfast and staples such as the Big Mac helped lift results. The figure fell 1.9 percent in both Europe and the region encompassing Asia, the Middle East and Africa.
WASHINGTON (AP) -- The United Food and Commercial Workers union is rejoining the AFL-CIO. UFCW has 1.3 million members who work in retail, meat packing and food processing. It will be the AFL-CIO's largest private sector union. UFCW and six other unions left the AFL-CIO eight years ago in a bitter dispute that reduced the federation's clout and took away millions in dues from its budget.
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