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NEW YORK (AP) — Stocks are slightly higher in quiet trading as investors wait to see where the Federal Reserve might move interest rates next month. Several members of the Federal Reserve are set to make speeches this week. Minutes from the Fed's late April meeting showed that policymakers seem to believe the economy has improved enough to warrant higher rates. The Dow was up 31 to 17,532 as of 1:55 p.m. Eastern. The Nasdaq was up 11 to 4,781. And the S&P 500 was up a fraction of a point at 2,053. Energy stocks fell along with the price of crude oil, which fell 80 cents in New York, to $47.61 per barrel.
NEW YORK (AP) — Shares of Monsanto are up 5 percent after German drug and chemicals company Bayer offered to buy the crops and seeds specialist for $62 billion. The deal would make the combined company the world's largest producer of fertilizers and other agricultural products. Bayer says the all-cash offer values shares of Monsanto at $122 each. That's 37 percent higher than the closing price of $89 on May 9, the day before Bayer made a written proposal to Monsanto.
NEW YORK (AP) — A federal appeals court has reversed a jury's finding that Bank of America was liable for fraud for its actions before the economy collapsed in 2008. It has also negated a more than $1.2 billion penalty imposed after trial. The court in New York says there was insufficient evidence that the bank's Countrywide Financial unit committed mail and wire fraud in late 2007 and 2008.
LOS ANGELES (AP) — Viacom's embattled chief executive has sued to be restored as a trustee and director to entities that control Viacom and CBS. The move comes after media mogul Sumner Redstone stripped him of the positions over the weekend. Philippe Dauman says Redstone was "not mentally competent" to make the decision and that he is being manipulated by his daughter.
DUBLIN (AP) — European budget carrier Ryanair has posted record full-year profits and passenger figures and expects both to hit new highs this summer. The company's CEO expects average fares to fall around 6 percent this summer and even more in winter thanks to increased competition and well-hedged fuel costs. Analysts credit Ryanair's 2013 decision to start improving customer service and broaden its product range as critical in driving its latest growth.
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