The S&P 500 broke two records during Thursday's session, climbing past its previous intraday all-time high of 1,991.39 and ending above its previous record close of 1,987.98. Market participants refrained from making big bets before Federal Reserve Chair Janet Yellen's speech on Friday at a policymakers' meeting in Jackson Hole, Wyoming, which could provide clues on the timing of an interest-rate hike. Some investors also remained skeptical of whether the stock market's recent gains are sustainable, pointing to light trading volume. The S&P 500 gained 5.86 points, or 0.29 percent, to end at 1,992.37.
WASHINGTON/NEW YORK (Reuters) - Bank of America Corp (BAC.N) reached a record $16.65 billion settlement with the U.S. The settlement announced on Thursday by the U.S. It is expected to resolve the vast majority of the Charlotte, North Carolina-based bank's remaining liabilities tied to its purchases of Countrywide Financial Corp, once the nation's largest mortgage lender, in July 2008 and Merrill Lynch & Co, six months later. Bank of America expects the accord to reduce third-quarter earnings by about $5.3 billion before taxes, or about 43 cents per share after taxes.
Gap and Banana Republic - have cooled in the region as shoppers cut down on discretionary spending. "India is an emerging, vibrant market and an important next step in our global expansion strategy," said Steve Sunnucks, Global President of Gap. Gap said it is partnering with Arvind Lifestyle Brand Ltd, a unit of textile manufacturer Arvind Ltd, for opening the stores in India. The company, which currently has 231 Gap stores in Asia, is also aiming to open 110 Gap stores in mainland China, Hong Kong and Taiwan this year.