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April 02, 2012 05:33 PM

Monday Evening Business Brief

U.S. stocks have closed higher after an upbeat report on manufacturing. The Dow gained 52 points, or 0.4 percent, to 13,264. The S&P added 10, while the Nasdaq surged 28 points.  

  • U.S. regulators accuse one of Canada's largest banks of engaging in hundreds of millions of dollars in sham futures trades to reap tax benefits on its holdings of company stocks. The Commodity Futures Trading Commission has sued Royal Bank of Canada, saying the bank also concealed the true nature of the trades and made false statements to a futures trading exchange. The agency says it is the largest case it has brought against so-called wash trades, which cancel each other out.
  • Global Payments, which processes credit card transactions, says as many as 1.5 million card numbers were compromised in a data breach early last month. In response, Visa has dropped the company from its list of approved third parties that process transactions between stores and banks.
  • A Wall Street analyst has set the highest price target yet for Apple shares, valuing them at $1,001 each. That's more than 60 percent above the current price.
  • The price of benchmark crude has risen the most since late February after a report said that U.S. factories have cranked into a higher gear. A barrel of crude gained $2.21 to $105.23 in New York.
  • Business
  • Economy/Stocks