Stocks gain...Pope decries consumerism...New streaming service from Fox
NEW YORK (AP) — Stocks on Wall Street and around the world are rising as big technology stocks recover some of their recent losses. Retailers and travel companies are climbing on the first full trading day of the holiday shopping season. Banks are rising with interest rates. The Dow industrials have been more than 300 points higher for much of the day, with the S&P 500 up by about 30 points in afternoon trading. The Nasdaq composite has been more than 100 points higher.
CAMDEN, N.J. (AP) — Campbell Soup Co. will add two members to its board in a compromise with an activist investor. The new directors on the 14-member board are backed by Third Point, a New York investment firm that owns 7 percent of Campbell’s shares. Third Point waged a months-long campaign against the 149-year-old company and its leadership, including three descendants of Campbell’s founder who sit on the board.
VATICAN CITY (AP) — Pope Francis says the “sickness of consumerism” is the enemy of generosity as he called for the faithful to give a little something to the poor. Francis made the comments during his morning homily on this Cyber Monday, when online retailers woo shoppers with bargains ahead of Christmas. Francis made no mention of Christmas shopping — in Italy, the official season begins Dec. 8 — but his plea for generosity will likely be repeated in coming weeks.
WASHINGTON (AP) — US health officials say they plan to overhaul the nation’s system for approving most medical devices, which experts have long criticized for failing to catch problems with risky implants and medical instruments. The Food and Drug Administration announced plans Monday aimed at making sure new medical devices reflect up-to-date safety and effectiveness features. The FDA’s pledge came one day after the publication of a global investigation into medical device safety by more than 50 media organizations, including The Associated Press.
NEW YORK (AP) — The new streaming service Fox Nation that launches Tuesday is aimed at people who don’t think Fox News Channel offers enough opinion. Fox is becoming the latest television news operation to stake out digital turf. Its new subscription-based service is designed to roll out most of its new offerings in daytime hours, after “Fox & Friends” and before the prime-time lineup of Tucker Carlson, Sean Hannity and Laura Ingraham.