S&P 500 Sets Another Record, Dow Slips

U.S. stocks mostly advanced on Monday, lifting the S&P 500 index to another record close above 1,600, as financial  shares led the way after Bank of America’s settlement with MBIA. The Dow Jones Industrial Average fell 5.07 points,  or 0.03%, to 14,968.89. The S&P 500 index rose 3.08 points, or 0.19%, to 1,617.50. The Nasdaq Composite added 14.34
points, or 0.42%, to 3,392.97.

Bank of America Corp (BAC.N) will pay $1.6 billion in cash to MBIA Inc (MBI.N) and receive the right to buy a 4.9  percent stake in the bond insurer to resolve long-running litigation between the companies, the bank said on Monday.

Trucking company Arkansas Best (ABFS) was having the second-strongest day in its trading history after its largest unit — the ABF Freight System Division — reached a tentative labor deal with the Teamsters, boosting the stock nearly 40%.

The Treasury Department said on Monday it will begin another round of sales of the General Motors Co (GM.N) stock it acquired during the government’s bailout of the U.S. auto sector.

Fortune Magazine published its annual Fortune 500 List, which ranks U.S. companies by total revenue, online Monday and Facebook made the cut for the first time. Facebook (FB) was ranked at 482 in 2013, higher than its previous rank of 598.

Solar farm developer First Solar Inc. (FSLR ) swung to a profit Monday, reporting diluted first-quarter earnings of 66 cents a share versus a loss of $5.20 a year ago. First Solar’s adjusted EPS, which excludes restructuring
costs and other one-time items, was 69 cents, compared with analyst expectations of 75 cents a share, according to FactSet.

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