Market recovers...Puerto Rico debt ruling...Tesla battery takeover
NEW YORK (AP) — Stocks recovered Monday from an early slide and finished broadly higher as gains in technology and industrial companies outweighed losses elsewhere in the market. The market had gotten off to a weak start after the government reported that factory orders fell in November, but by midday major indexes had turned higher. The Dow climbed 175 points. The S&P rose 18 points and the Nasdaq added 83 points.
SAN JUAN, Puerto Rico (AP) —A federal bankruptcy judge has approved a big debt restructuring plan for Puerto Rico in the first deal of its kind for the U.S. territory. Monday’s ruling involves more than $17 billion in government bonds backed by a sales-and-use tax. Senior bondholders, who hold nearly $8 billion, will collect first and receive 93 percent of the value of the original bonds. Junior bondholders, many of whom are individual Puerto Rican investors and overall hold nearly $10 billion, will recover 54 percent.
GENEVA (AP) = A Geneva art museum says Facebook prohibited it from promoting an upcoming exhibit with images of two statues, a half-naked Venus and a nude, kneeling man. The Museum of Art and History says it wanted to post pictures of the statues on Facebook, but the platform “prevented us from it, because of their nudity.” The museum instead put the images on Twitter with the French word for “censored” over the presumably private parts. Facebook didn’t immediately respond to an email seeking comment.
NEW YORK (AP) —The publisher of USA Today and dozens of other papers has rejected a $1.36 billion buyout offer from a hedge-fund backed media group with a history of taking over struggling newspapers and slashing jobs. Digital First Media says it may take the fight to the board by nominating new Gannett directors.
NEW YORK (AP) — Tesla is paying $218 million for battery company Maxwell Technologies. Tesla is trying to make its cars more main stream and owning technology that expands the range of electric cars would go a long way to meet that goal.