AP Financial News Summary at 5:50 p.m. EDT
Stocks End Up on Merger News, Home Sales
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NEW YORK (AP) _ Stocks made a strong move higher Monday as a new spate of merger activity and a surprising rise in home sales restored investors’ confidence in the economy and eased fears of inflation and higher interest rates.
Arthur Andersen Settles World Com Lawsuit
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NEW YORK (AP) _ Arthur Andersen continued to deny wrongdoing Monday as it settled with WorldCom investors who had accused the company’s former outside auditor of failing to protect them from WorldCom’s historic $11 billion accounting fraud.
Adelphia to Pay $700M to Resolve Probe
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WASHINGTON (AP) _ Bankrupt Adelphia Communications Corp. has agreed to pay the government $715 million to settle a federal fraud investigation, Attorney General Alberto Gonzales said Monday.
GM Recalling More Than 2 Million Vehicles
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WASHINGTON (AP) _ General Motors Corp. is recalling more than 2 million vehicles, including nearly 1.5 million sport utility vans and pickup trucks that have problems with their seat belts.
Oil Refiner Valero to Buy Premcor for $7B
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DALLAS (AP) _ Valero Energy Corp.’s $6.9 billion purchase of Premcor Inc. _ a deal that would create the largest oil refiner in North America _ comes as high prices drive up the industry’s profit margins.