Business Today: S&P hits four-month high on Germany, Cisco

	Click to View in Browser 08/16/2012 S&P hits four-month high on Germany, Cisco NEW YORK (Reuters) - The S&P 500 closed at its highest in more than four months on Thursday on signs of German support for the European Central Bank's effort to fight the region's debt crisis, and as Cisco Systems led gains in the tech sector after a dividend hike. Facebook hits new low as first early investor sales begin SAN FRANCISCO/NEW YORK (Reuters) - Facebook Inc shares sank as much as 7.1 percent to a record low after early investors got the greenlight to sell for the first time since the No. 1 social network went public, starting a string of insider lockup expirations expected to pressure the stock for months. Cisco jumps on dividend hike, props up network gear makers (Reuters) - Shares of Cisco Systems Inc jumped 9 percent on Thursday as a dividend hike and share buyback plan overshadowed comments that business conditions in Europe would not improve anytime soon for the network equipment maker. Data points to lackluster economic growth WASHINGTON (Reuters) - A trend measure of Americans signing up for new jobless benefits fell close to a four-year low last week, but weakness in a regional factory gauge showed U.S. recovery still faces an uphill climb. SEC looks to see if weak controls worsened Knight loss: source (Reuters) - U.S. regulators are working to figure out whether the trading snafu at Knight Capital Group that resulted in a $440 million loss and nearly destroyed the firm was exacerbated by a breakdown in risk management, according to a source familiar with the situation. Standard Chartered eyes joint deal after backing down in U.S. LONDON/NEW YORK (Reuters) - Standard Chartered is pursuing a collective settlement with other U.S. authorities after agreeing to pay $340 million to New York's financial regulator under mounting pressure from shareholders. Gap lifts profit view, Aeropostale back-to-school soft (Reuters) - Gap Inc's quarterly profit rose 28.6 percent as the clothing retailer's sales improved, and the company raised its full-year profit forecast. Wal-Mart international growth slows, shares fall (Reuters) - Wal-Mart Stores Inc's full-year profit may miss analysts' expectations as growth slows in its international markets, pressuring the company even as its U.S. discount stores continue to prosper. Macy's sues J.C. Penney over Martha Stewart deal (Reuters) - Macy's Inc took its legal battle over its agreement to exclusively sell certain Martha Stewart items directly to J.C. Penney Co Inc on Thursday, accusing the rival department store chain of interfering with its contract with the home goods designer. Chrysler plant rejects contract, production unaffected DETROIT (Reuters) - Chrysler Group LLC said on Thursday that production will not be affected at its Dundee, Michigan, engine plant after union workers there rejected a plant contract. Related Video Merkel backs Draghi, chides politicans Wealth Strategies: Fed study on muni defaults a red herring Economic News Data points to lackluster economic growth New Jersey unemployment rate at 9.8 percent, highest since 1977 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