Dow, S&P close out May at record highs
NEW YORK - The stock market closed out May on a mostly higher note Friday, sending two out of the three major U.S. indexes to record highs.
Trading was uneven, and indexes moved between small gains and losses for most of the day. A late push higher left the Dow Jones industrial average and Standard & Poor's 500 at all-time highs, but just barely.
May was the best month for investors since February. The S&P rose 2.1 percent for the month, while the Dow Jones industrial average rose 0.8 percent and the Nasdaq rose 3.1 percent.
Motorola to close smartphone factory
FORT WORTH, Texas - Google's Motorola Mobility handset unit announced Friday it will shutter its North Texas factory by the end of this year, barely a year after it opened with much fanfare as the first smartphone assembly plant in the U.S.
Google had explained its surprising decision by saying the location would enable it to fulfill customized, built-to-order devices and deliver them anywhere in the U.S. within five days.
But sales of its flagship phone, the Moto X, have been too weak and the costs of running the plant too high to keep operations going, Motorola Mobility spokesman Will Moss said. Singapore-based international contract electronics manufacturer Flextronics Ltd. operates the plant.
The Fort Worth factory employs about 700 workers who assemble the Moto X smartphones for the U.S. market, Moss said. He did not say whether Motorola would retain the workers.
Motorola Mobility will continue to develop the Moto X in Brazil and China, where the costs for labor and shipping aren't as high.
Arch Coal workers accused of kickbacks
CHARLESTON, W.Va. - Four Arch Coal employees at a West Virginia mine are charged with pocketing almost $2 million from vendors in a pay-to-play kickback scheme, federal prosecutors said Friday.
U.S. Attorney Booth Goodwin said the widespread setup required vendors to pay kickbacks to Arch Coal employees to do business with the coal company.
Prosecutors said some companies spent more than $400,000 to maintain lucrative contracts with Arch Coal, one of the biggest coal producers and marketers worldwide.
The Associated Press