Stocks rebound after choppy day
A stock market swoon turned into a comeback Tuesday.
Stocks managed a late-afternoon rebound for the second time in two days as investors seemed to brush off a report of lower confidence among homebuilders and simmering tensions in the Ukraine.
The late rally even gave a lift to tech stocks like Google and Intel, which had weighed on the market much of the day.
By the end of the day, the Standard & Poor's 500 index rose 12.37 points, or 0.7 percent, to 1,842.98.
The Dow Jones industrial average added 89.32 points, or 0.6 percent, to 16,262.56. The Nasdaq composite rose 11.47 points, or 0.3 percent, to 4,034.16.
Shell plans public meetings on petrochemical plant
PITTSBURGH - Shell Oil Co. plans to hold public meetings Wednesday to discuss the possibility of building a huge petrochemical plant in western Pennsylvania.
In early 2012, Shell chose a site about 35 miles northwest of Pittsburgh for the possible multibillion-dollar plant, and the company has purchased property in the area and sought bids from suppliers. That same year, it also got what lawmakers call Pennsylvania's largest ever taxpayer-financed incentive package.
But Shell spokeswoman Kimberly Windon said there's still no guarantee that the project will be built.
"No final decisions to build the project have been made," Windon said, adding that the meetings are "simply an opportunity for people to meet with Shell representatives, and for us to seek their input as we continue with our project evaluation."
Chinese sneaker factory workers go on strike
HONG KONG - Workers at a Chinese factory owned by Yue Yuen, the world's largest maker of athletic footwear for brands such as Nike and Adidas, are striking in a dispute over benefits.
A worker said more than 10,000 employees at Yue Yuen Industrial's plant in the southern province of Guangdong joined the strike on Tuesday.
Yellen: Stronger rules needed for banks
WASHINGTON - The Federal Reserve may be about to turn more aggressive in its regulation of the financial system.
Fed Chair Janet Yellen suggested Tuesday that current regulatory rules might not be enough to prevent the kind of risk-taking that triggered the 2008 financial crisis and nearly toppled the entire banking system.
She said the largest U.S. banks may need to hold additional capital to withstand periods of financial stress. Non-banks with deep reaches into the financial system might also need to meet tougher rules, she said.
Such firms range from money market mutual funds to private equity and hedge funds.
Coca-Cola sells more drinks but soda dips
NEW YORK - Coca-Cola, the world's biggest beverage maker, said Tuesday that the amount of soda it sold globally fell for first time in 15 years.
The drop in the first quarter was offset by stronger sales of its noncarbonated drinks that include Minute Maid, Powerade and Dasani bottled water. Overall volume rose 2 percent, an improvement from the 1 percent increase the previous quarter.
But the 1 percent decline in global soda volume is notable for Coca-Cola: The last time the figure fell was in 1999, according to the company.
Yahoo's 1Q highlighted by Asia, modest ad gains
SAN FRANCISCO - Yahoo is prospering from its lucrative investments in Asia while the Internet company's listless advertising sales are picking up, if ever so slightly, under CEO Marissa Mayer.
The positive signs in the Yahoo's first-quarter report overshadowed a 20 percent decline in the company's earnings during the opening three months of the year.
Yahoo's stock gained $2.19, or 6.4 percent, to $36.40 in Tuesday's extended trading.
Even if the shares rally similarly in Wednesday's regular trading, the stock will remain below its 52-week high of $41.72 reached in early January.
The results released Tuesday highlight the contrasting performances of Yahoo's investment portfolio and the company's main business of running ad-supported online services.
First Niles, Cortland Bancorp stocks rise
First Niles Financial regained the nickel it lost on Monday to close at $7.50 per share on Tuesday. Cortland Bancorp rose a dime to close at $10.90 per share.
Staff, wire reports