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Byline: -- Staff and Wire Services

Microsoft ends antitrust battle

Microsoft Corp. dropped a nearly decade-long legal battle with European regulators Monday, agreeing to key parts of an antitrust ruling that has already led to hundreds of millions of dollars in fines.

The world's largest software company will slash the royalties it charges rivals for interoperability information needed to make programs that work smoothly with Microsoft's ubiquitous Windows operating system. It will make access to the data easier for open source developers who the EU said are now "virtually the only alternative for users."

Microsoft said it would not appeal a EU Court of First Instance decision Sept. 17 that turned down its challenge to a 2004 European Commission order that found it guilty of monopoly abuse.

Bear Stearns OKs deal with China

Bear Stearns Cos. and China's government-controlled Citic Securities Co. agreed Monday to invest $1 billion in each other and combine some operations in Asia, giving the U.S. brokerage an entrance into the insular Chinese financial sector.

The investment is the biggest of its kind between a U.S. and Chinese financial institution, and highlights China's increasing strength in global financial markets. For Bear Stearns, battered this summer by the slumping mortgage markets, the pact positions it as a bigger player in one of the world's fastest-growing economies.

Stocks get boost from tech firms

Wall Street finished a back-and-forth session higher Monday as investors overcame some of their nervousness about the credit markets and uneven earnings and found solace in the technology sector.

Several companies, including drug maker Merck & Co., reported decent third-quarter results, but investors were unhappy with rival drug maker Schering Plough Corp.'s results. They were also mindful of the downbeat profit outlooks from several blue chip companies last week.

Still, after an early slide, the market seemed to grow optimistic about Apple Inc.'s earnings, which did top Wall Street's expectations when the company reported after the closing bell. The eager anticipation of the report sent tech stocks higher, and by early afternoon, other stocks were tagging along.

Oil futures drop on growth doubts

Oil futures prices fell Monday amid concerns about economic growth and on profit-taking ahead of the November contract's expiration. However, doubts about a possible cease-fire between Turkey and Kurdish rebels in Iraq helped crude pare some of oil's losses.

The stock market's sharp downturn Friday has reignited concerns that the economy might be slowing, cutting demand for oil and petroleum products.

Q3 profits strong for card issuer

American Express Co., one of the nation's biggest credit-card issuers, said Monday that higher spending by cardholders pushed third-quarter profit up 10 percent.

The credit-card brand -- known for its relatively wealthy and well-vetted customer base -- reported that quarterly profit rose to $1.07 billion, or 90 cents per share, from $967 million, or 79 cents per share. Revenue rose 11 percent, to $6.95 billion from $6.27 billion.