Second quarter starts poorly for indexes
U.S. stocks started the second quarter with a thud Monday after carmakers reported disappointing March sales, a possible warning about other types of spending. But a late recovery helped stocks avoid bigger losses. The Standard & Poor's 500 index fell as much as 18 points around midday, but finished down just 3.88 points, or 0.2 percent, at 2,358.84. The Dow Jones industrial average lost as much as 145 points but wound up with a loss of 13.01 points, or 0.1 percent, to 20,650.21. The Nasdaq composite shed 17.06 points, or 0.3 percent, to 5,894.68. The Russell 2000 index of small-company stocks gave up 16.25 points, or 1.2 percent, to 1,369.67. Benchmark U.S. crude lost 36 cents to $50.24 a barrel in New York.
EpiPen recall extends to the U.S.
A recall of the emergency anti-allergy medicine EpiPen is expanding to the U.S. and other markets in North America, Europe, Asia and South America because the allergy shots may not work. The notice issued Friday by Mylan N.V. expands upon warnings made earlier this month after two reports of the device failing. The problems could be potentially life-threatening, although Mylan described the incidence of the defects as "extremely rare."
Wells Fargo ordered to pay $5.4 million
Federal regulators have ordered Wells Fargo to pay $5.4 million and reinstate a former banker who reported suspected fraudulent behavior in 2010. The U.S. Department of Labor's Occupational Safety and Health Administration said the banker lost his job at a Wells Fargo branch in the Los Angeles area after reporting suspected fraud committed by two people he supervised. Wells Fargo spokesman Vince Scanlon says the bank plans to appeal the preliminary order and ask for a full hearing because it disagrees with the findings.