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Stocks edge higher...Exxon Mobil settlement...New Jersey sues Purdue Pharma

October 31, 2017

NEW YORK (AP) — Stock indexes have edged higher today following stronger-than-expected earnings reports from the makers of Kellogg’s cereal, Oreo cookies and others. Markets around the world were mostly steady, while bond yields were stable and commodity prices dipped modestly. The S&P 500 is on pace to close October with its seventh straight month of gains, its longest such streak in more than four years.

DALLAS (AP) — Exxon Mobil is settling air pollution cases with the Trump administration by promising to spend about $300 million on pollution-control technology at several plants along the Gulf Coast. Federal officials said Tuesday that the settlement will prevent thousands of tons of future pollution, including cancer-causing benzene, in eight petrochemical plants in Texas and Louisiana.

TRENTON, N.J. (AP) — New Jersey is suing the company that manufactures OxyContin, claiming a “direct link” between the state’s opioid crisis and the firm’s deceptive marketing practices. State Attorney General Christopher Porrino says the five-count lawsuit against Connecticut-based Purdue Pharma and two of its entities was filed today. It seeks undisclosed monetary damages for fraud and false claims.

WASHINGTON (AP) — A U.S. trade commission is recommending that the Trump administration impose tariffs or other restrictions to slow an influx of low-cost solar panels imported from China and other countries. The four-member International Trade Commission split over the exact nature of the remedies but agreed that a surge in imported solar cells and panels has caused serious harm to U.S. manufacturers.

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s strugging government says it will face a cash shortfall by the end of the year and it’s seeking billions of dollars in additional federal funds to help it cope with the expenses caused by Hurricane Maria. It says the devastating storm imposed enormous emergency costs while causing an estimated 50 percent drop in the U.S. territory’s collections of taxes and fees, worsening an 11-year recession.

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