Business Today: Wall Street rises, but still down for the week

	Click to View in Browser 11/9/2012 Wall Street rises, but still down for the week NEW YORK (Reuters) - Stocks advanced on Friday, but failed to make up for what turned out to be the worst week for markets since June, as investors turned their attention from the presidential election to the coming negotiations over avoiding the "fiscal cliff." Consumer sentiment at five-year high; inventories jump NEW YORK (Reuters) - An increasingly upbeat view of the economy and jobs market drove U.S. consumer sentiment to a more than five-year high in early November, while a jump in wholesale inventories suggested the economy grew more than initially estimated last quarter. JC Penney's Johnson has backing to weather sales plunge NEW YORK (Reuters) - J.C. Penney Co Inc Chief Executive Ron Johnson has two key weapons in his arsenal as he tries to weather plunging sales while radically transforming the aged retailer - the backing of its top investor, and cash. Retail credit card fee settlement gets initial approval (Reuters) - A U.S. judge on Friday granted preliminary approval to a proposed $7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc.. Kodak did not mislead investors before bankruptcy: court NEW YORK (Reuters) - Eastman Kodak Co executives did not mislead investors about the photography pioneer's deteriorating financial health in the year prior to its bankruptcy, a Manhattan federal judge ruled. Supreme Court to review Amex arbitration case (Reuters) - The Supreme Court on Friday agreed to consider whether American Express Co may invoke an arbitration clause to prevent merchant customers from banding together in an antitrust lawsuit against the company. Ex-Goldman trader accused of $118 million loss denies fraud NEW YORK (Reuters) - A lawyer for a former Goldman Sachs Group Inc trader denied on Friday U.S. civil accusations that his client had defrauded the Wall Street bank of $118 million. EU 2013 budget talks end in failure BRUSSELS (Reuters) - Talks on the European Union's 2013 budget collapsed in acrimony on Friday, denting hopes of a swift deal later this month on the bigger issue of the bloc's long-term spending for 2014-2020. Exclusive: Schulze's Best Buy bid seen in December, below range NEW YORK (Reuters) - An eventual bid for Best Buy Co Inc by founder Richard Schulze could come in under his initially proposed $8 billion range and will likely not occur before December, sources familiar with the matter said, in a new twist to the months-long saga at the struggling electronics retailer. MoneyGram to forfeit $100 million to settle U.S. fraud case (Reuters) - Payment transfer company MoneyGram International Inc agreed to forfeit $100 million and admitted it aided in wire fraud and failed to maintain an effective anti-money laundering program, according to court documents filed on Friday. Related Video Daily Digit: $1.8 billion Breakingviews: Why the GOP lost the election Economic News Obama insists on tax hike for rich as part of fiscal deal Obama would veto extension of tax cuts for top earners A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend