Investors struggle to get past Europe's woes
NEW YORK -- Investors just can't get past Europe.
Renewed worries about the region's long-running debt crisis weighed on the Dow Jones industrial average on Wednesday, and held the Standard & Poor's 500 index back from reaching an all-time high.
Investors are watching to see if Cyprus can shore up its banking system. They are also keeping an eye on Italy, where political parties are struggling to form a new government in the eurozone's third-largest economy.
The Dow fell 33.49 points to close at 14,526.16, a loss of 0.2 percent. It dropped as many as 120 points in morning trading then spent the rest of the day climbing back.
The Standard & Poor's 500 index slipped 0.92 to 1,562.85, less than three points short of its all-time high set in October 2007.
Judge OKs merger for American-US Airways
NEW YORK -- American Airlines won bankruptcy court approval Wednesday to combine with US Airways and form the world's biggest airline.
The combined airline will have 6,700 daily flights and annual revenue of roughly $40 billion. The new American Airlines will fly slightly more passengers than United, the current No. 1. It will be run by Doug Parker, the CEO of US Airways Group Inc., who began pursuing a merger shortly after American filed for bankruptcy protection in November 2011.
Judge Sean H. Lane declined, however, to approve a proposed $20 million severance package for outgoing American CEO Tom Horton. The U.S. trustee had objected to the package and, while he didn't question the amount, Lane agreed that the timing of it seemed to violate prohibitions in the bankruptcy law.
Union and FirstEnergy settle dispute in W.Va.
SHINNSTON, W.Va. -- The Utility Workers Union of America says FirstEnergy has agreed to pay union members at the Harrison Power Station more than $1 million to settle unfair labor practice charges.
The union announced the settlement Wednesday in a news release.
Under the settlement, union workers also will receive a 6 percent pay increase.
The company also will reinstate or improve benefits, including incentive bonuses, that it had cut or eliminated at the Shinnston plant.
A complaint issued in January by the National Labor Relations Board charged the company with illegally cutting workers' pay and benefits in 2012.