Stocks close higher…Oil prices are up… Takata reaches big settlement with governments

UNDATED (AP) — Stocks are mostly higher on Wall Street after much of a midday rally faded away by the closing bell. Industrial stocks contributed the most to the market’s gains today. Investors were relieved to see bond yields pull back from the four-year highs they reached a day earlier. The S&P 500 rose just over 2 points to 2,703. The Dow industrials climbed more than 164 points to 24,962 and the Nasdaq slipped 8 points to 7,210.

UNDATED (AP) — Oil futures have closed on a positive note. Benchmark U.S. crude recovered from an early slide, adding $1.09, or 1.8 percent, to settle at $62.77 a barrel in New York. Also, Brent crude, used to price international oils, rose 97 cents, or 1.5 percent, to close at $66.39 per barrel in London. In other energy futures trading, heating oil gained 2 cents to $1.95 a gallon and wholesale gasoline added a penny to $1.77 a gallon.

LINCOLN, Neb. (AP) — The nation’s largest privately-owned bank says it will stop producing credit cards for the National Rifle Association in response to customer feedback. The Nebraska-based First National Bank of Omaha announced on Twitter today that it will not renew its contract to issue the group’s NRA Visa Card. The NRA has faced intense criticism following the school shooting in Florida that left 17 people dead.

DETROIT (AP) — Japanese air bag maker Takata has reached a $650 million settlement over legal claims from 44 state governments and Washington, D.C. But the states won’t get much of the money. That’s because they have agreed not to collect the settlement so victims of Takata’s faulty air bags get larger settlements. At least 22 people have died worldwide and more than 180 have been hurt. Takata filed for federal bankruptcy protection in June.

DETROIT (AP) — UPS says it will soon start using electric delivery trucks that cost the same as conventional diesel- or gas-fueled ones. The company has been developing the trucks with Ohio-based truck maker Workhorse Group Inc. for four years. Electric trucks are usually more expensive because of battery costs. UPS says it will deploy 50 of the trucks by the end of this year in Atlanta, Los Angeles and Dallas. It expects that fleet to grow next year.

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