NEW YORK (AP) -- News that China's trade has rebounded after a six-month slowdown, sent mining stocks and other companies dealing in commodities surging yesterday. That helped snap a three-day slump on Wall Street. The S&P 500 index edged up 6 ½ points 1,697. The Dow rose 27 ½ points to 15,498. And the Nasdaq gained 15.
BEIJING (AP) -- Trading has been choppy in Asia today, while stocks are off to a mixed start in Europe. The latest economic data from China remains tepid but it is better than expected. Chinese producer prices continued to decline last month, but at a slower rate than in June. That's being seen as a sign that demand may be strengthening after a long slump.
TOKYO (AP) -- U.S. and Japanese trade negotiators have wrapped up a round of talks in Tokyo, with differences remaining over autos, insurance and other industries. Acting Deputy U.S. Trade Representative Wendy Cutler told reporters the U.S. believes that Japanese government-backed insurance services are at an advantage over private and foreign companies. Cutler also says non-tariff barriers are a problem for U.S. auto sales in Japan, which are negligible.
SAN FRANCISCO (AP) -- Yahoo's recently completed acquisition of Internet blogging service Tumblr includes an $81 million payment to Tumblr founder David Karp as long as he remains on the job for the next four years. Karp, who turned 27 last month, started Tumblr in 2007 after dropping out of high school to concentrate on computer programming. The retention payment disclosed in a regulatory filing is part of the windfall that Karp and Tumblr investors realized by agreeing to sell the service for $1.1 billion in May.
WASHINGTON (AP) -- The Securities and Exchange Commission is delaying its civil action against billionaire hedge-fund manager Steven Cohen while a federal criminal case against his firm proceeds. The SEC alleges Cohen failed to prevent illegal insider trading by some portfolio managers at SAC Capital Advisors. The criminal indictment against the firm doesn't name Cohen.
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