Wall Street opens higher …US new-home sales drop 7.8 percent in January … Weinstein Co. expected to file for bankruptcy protection

NEW YORK (AP) — Stocks are opening higher on Wall Street, extending the market’s gains from late last week. Investors are relieved to see that bond yields are continuing to retreat from the four-year highs they reached last week. The yield on the 10-year Treasury is down to 2.84 percent today. At 10:32 a.m. Eastern Time, the Dow was up 146 points, to 25,455. The S&P 500 was up 9 points, to 2,756. And Nasdaq was up 29 points, to 7,366.

WASHINGTON (AP) — Sales of new U.S. homes fell in January for the second straight month, failing to rebound from a weather-related drop in December. The Commerce Department says last month’s sales came in at a seasonally adjusted annual rate of 593,000, lowest since August and down 7.8 percent from a revised 643,000 in December. Economists had expected new home sales to bounce back after tumbling in December as harsh winter weather chilled demand.

BRUSSELS (AP) — U.S. delivery giant UPS has launched court action against the European Union’s anti-trust regulator for blocking a merger with Dutch firm TNT and is asking for $2.14 billion in compensation. The EU’s official journal notes that UPS also wants the regulator, the EU’s executive Commission, to pay interest and court costs for losses suffered over the January 2013 decision. The Commission decided the planned merger would restrict express deliveries of small packages in Europe by reducing the number of players in the market, and so drive up prices.

LOS ANGELES (AP) — The Weinstein Co.’s board of directors says the company is expected to file for bankruptcy protection after last-ditch talks to sell its assets collapsed. Now-disgraced movie mogul Harvey Weinstein co-founded the company in 2005. He was fired last October after being accused of sexual assault and harassment by dozens of women. Weinstein has denied all allegations. The board tells the Los Angeles Times that it has no choice but to pursue bankruptcy.

BOSTON (AP) — Days after saying that it would retroactively cut the profits reported over the past two years, General Electric Co. is reshaping its board of directors. One person joining the board chaired the organization that sets accounting standards in the United States. GE said Friday that it must cut its 2016 per-share earnings by 13 cents, and by 16 cents for 2017. It’s adopting new accounting standards for 2018.

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