STOCKS NEWS US-Judge approves BofA settlement fund

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1112 ET 1Sept2010
Judge approves BofA settlement fund

A New York federal judge has approved the creation of a $150 million settlement fund for Bank of America Corp shareholders, as part of a larger settlement with the Securities and Exchange Commission over the bank's 2009 purchase of Merrill Lynch, the regulator said on Wednesday.

The SEC claimed that the Charlotte, North Carolina-based lender failed to disclose bonuses and financial losses at Merrill Lynch in the months before it acquired the investment bank in January 2009.

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Shares of BofA, a Dow component, rose 5.2 percent to $13.09 amid a broad market rally.

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1034 ET 1Sept2010
Caterpillar sets $180 mln Brazil expansion

Dow component Caterpillar Inc will invest $180 million over two years to expand manufacturing capacity in Brazil, where it makes loaders and other machines used in construction and mining.

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Shares of Caterpillar gained 4.5 percent to $68.11 amid a broad rally for industrial stocks.

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1024 ET 1Sept2010
Manufacturing sector grows in August: ISM

The U.S. manufacturing sector grew more quickly than expected in August, chalking up a 13th straight month of expansion, according to a closely watched industry report released on Wednesday.

The Institute for Supply Management said its index of national factory activity rose to 56.3 last month from 55.5 in July. The median forecast of 79 economists surveyed by Reuters was for a reading of 53.0. A reading above 50 indicates expansion in the sector.

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1011 ET 1Sept2010-July construction spending falls to 10
year low

U.S. construction spending fell more than expected in July to its lowest rate in 10 years, the government said Wednesday, adding to fears that economic growth was stagnating.

The Commerce Department said construction spending dropped 1.0 percent to an annual rate of $805.2 billion, the lowest since July 2000. June's construction outlays were revised down to show a 0.8 percent fall, instead of the previously reported 0.1 percent gain. Economists forecast construction spending falling 0.5 percent in July.

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0942 ET 1Sept2010
Markets open higher on energy, industrials

Major U.S. stock indexes jumped more than 1 percent at the open on Wednesday as new signs of growth in China and Australia eased concerns about the global economy's health and investors shrugged off an unexpected cut in U.S. private sector payrolls.

Stocks rose broadly, led by the energy and industrial sectors.

The Dow Jones industrial average gained 134.94 points, or 1.35 percent, to 10,149.66. The Standard & Poor's 500 Index rose 15.43 points, or 1.47 percent, to 1,064.76. The Nasdaq Composite Index climbed 35.41 points, or 1.67 percent, to 2,149.44.

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0855 ET 1Sept2010-Casey's rises on new Couche
Tard bid

Shares of Casey's General Stores Inc rose 3.4 percent to $38.90 after Canada's Alimentation Couche-Tard Inc sweetened its tender offer to purchase the company.

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0830 ET 1Sept2010-G
III shares advance after Q2 profit

Shares of G-III Apparel Group Ltd surged 13.6 percent to $27.43 after the company reported a surprise second-quarter profit.

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