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US stocks fall more than 1% as tech slump continues

US stocks Monday slumped for a third day in a row as investors worried about whether high-flying technology stocks are overvalued and cautiously anticipated earnings season. The Dow Jones Industrial Average tumbled 166.84 points (1.02 percent) to 16,245.87. The broad-based S&P 500 sank 20.05 (1.08 percent) to 1,845.04, while the tech-rich Nasdaq Composite Index declined 47.97 (1.16 percent) to 4,079.75.

US stocks fall more than 1% as tech slump continues

US stocks Monday slumped for a third day in a row as investors worried about whether high-flying technology stocks are overvalued and cautiously anticipated earnings season. At the closing bell, the Dow Jones Industrial Average tumbled 165.49 points (1.01 percent) to 16,247.22. The broad-based S&P 500 sank 19.95 (1.07 percent) to 1,845.14, while the tech-rich Nasdaq Composite Index declined 47.97 (1.16 percent) to 4,079.75. The losses followed weakness since the middle of last week. Technology and biotech stocks have been among the weakest equities.

Mallinckrodt to buy Questcor for lucrative MS drug

By Esha Dey (Reuters) - Specialty pharmaceuticals company Mallinckrodt Plc will buy drugmaker Questcor Pharmaceuticals Inc for about $5.6 billion to gain access to its multiple sclerosis drug, Acthar Gel, which is set to hit sales of $1 billion this year. The acquisition is Dublin-based Mallinckrodt's second in less than two months as it pushes into the lucrative specialty drugs market, which focuses on complex and chronic diseases.

NYC parish wants Wal-Mart shareholder vote on board oversight of policies regarding gun sales

WILMINGTON, Del. - Attorneys for a church in Manhattan are asking a federal judge in Delaware to prohibit Wal-Mart from sending its annual proxy statement to shareholders because it doesn't include its proposal for a shareholder vote involving gun sales. The Episcopal parish that includes Trinity Church on Wall Street wants shareholders to vote on whether the board of Wal-Mart Stores Inc. should oversee management policy decisions on whether to sell products considered especially dangerous, harmful to Wal-Mart's reputation, or offensive to community and family values.

US stocks follow most global equity markets lower

US stocks Monday moved lower in early trade, following most international equity markets in a retreat sparked by concerns that the technology sector is overvalued. About 30 minutes into trade, the Dow Jones Industrial Average shed 36.03 points (0.22 percent) to 16,376.68. The broad-based S&P 500 dipped 3.83 (0.21 percent) to 1,861.26, while the tech-rich Nasdaq Composite Index declined 7.25 (0.18 percent) to 4,120.48.

US stocks follow most global equity markets lower

US stocks Monday moved lower in early trade, following most international equity markets in a retreat sparked by concerns that the technology sector is overvalued. About 30 minutes into trade, the Dow Jones Industrial Average shed 36.03 points (0.22 percent) to 16,376.68. The broad-based S&P 500 dipped 3.83 (0.21 percent) to 1,861.26, while the tech-rich Nasdaq Composite Index declined 7.25 (0.18 percent) to 4,120.48.

European stocks slide after losses elsewhere

European stocks fell Monday, after heavy losses elsewhere, as investors fretted over the global technology sector, the US interest rate outlook and fresh unrest in Ukraine, dealers said. Markets won a modest boost after Swiss cement group Holcim and French rival Lafarge announced that they will merge to create a global leader in the concrete industry. Approaching midday, London's FTSE 100 index of leading companies slid 0.42 percent to 6,667.68 points.

India's BJP says will ban foreign supermarkets if elected; fresh blow to global chains

By Nandita Bose MUMBAI (Reuters) - The political party expected to lead India's next government confirmed on Monday it would ban foreign supermarkets from the $500 billion retail sector, a move that would deal a fresh setback to global chains such as Wal-Mart and Carrefour. The Bharatiya Janata Party (BJP), which has in recent years opposed investment by foreign firms into multi-brand retail, made the announcement in its election manifesto, which it unveiled in New Delhi earlier.

Bank of America near credit card deal with U.S. regulator

By Emily Stephenson and Peter Rudegeair WASHINGTON (Reuters) - Bank of America Corp is close to settling with a U.S. consumer regulator over the sale of services sold as add-ons to credit cards, sources familiar with the talks said. The second-largest U.S. bank said in an August securities filing that it had been in discussions with regulators to address concerns over the sale and marketing of credit card debt cancellation products and identity theft protection services that it offered alongside its credit cards.

Exxon Mobil agrees to share more data on fracking risks

By Ernest Scheyder (Reuters) - Exxon Mobil Corp, the world's largest publicly traded oil company, has agreed to disclose more information about the environmental risks of hydraulic fracturing, the process known as fracking. In an agreement with New York City's pension funds, which control Exxon shares worth roughly $1.02 billion, the company would report on risks surrounding disposal of fracking waste water, air pollution, methane emissions from oil and natural gas wells, and other issues.
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