Bill O’Reilly out at Fox News Channel after 20 years
NEW YORK (AP) — Fox News Channel’s parent company issued a statement Wednesday that Bill O’Reilly won’t be coming back to the network. Cable news’ most popular personality has been the subject of an advertiser boycott since a report earlier this month that five women have been paid a total of $13 million to keep quiet about alleged harassment by O’Reilly, who has denied the charges.
How dangerous air bags can find their way into used cars
LAS VEGAS (AP) — A Nevada crash that nearly killed a young woman has exposed a hole in the government’s efforts to get dangerous Takata air bag inflators off the road. There’s nothing that being prevents the devices from being taken from wrecked cars and being reused. Karina Dorado’s trachea was punctured by shrapnel from an inflator in an otherwise minor crash in Las Vegas on March 3.
Fed survey finds moderate economic growth in spring
WASHINGTON (AP) — The Federal Reserve says the U.S. economy kept expanding in the early spring, with tight labor markets and many businesses reporting rising wages. In its latest survey of economic conditions nationwide, the central bank found that it’s 12 regional banks all depicted growth as either “modest or moderate” from mid-March through early April.
Wage worries sink stocks late; energy sector and IBM skid
NEW YORK (AP) — U.S. stocks give up an early gain and end lower as the price of oil drops and energy companies tumble. Investors also worried about a report showing wages were lagging. IBM dropped after a weak sales report and pulled the Dow Jones industrials sharply lower. Strong earnings from Genuine Parts helped makers of cars and car parts.
Bank regulator faults itself for missing Wells Fargo issues
NEW YORK (AP) — The nation’s big bank regulator is faulting itself for failing to address the problems at Wells Fargo before it was too late. The inspector general at the Office of the Comptroller of the Currency said Wednesday the Comptroller’s examiners saw sales problems at Wells Fargo as early as 2010.
Trump pick for Commerce’s No. 2 withdraws, blames conflicts
WASHINGTON (AP) — President Donald Trump’s pick for deputy commerce secretary has withdrawn from consideration. Todd Ricketts was unable to resolve conflict of interest issues in taking the No. 2 job at the department. Ricketts is a co-owner of the Chicago Cubs and son of TD Ameritrade founder Joe Ricketts.
Morgan Stanley posts strong profit, helped by trading desks
NEW YORK (AP) — Wealth management and investment banking firm Morgan Stanley saw profits rise 74 percent in the first quarter, helped by its well-regarded trading desks. Morgan Stanley’s wealth management arm, a part of the firm’s business that its executives have been focusing much of its energy on, also had higher profits in the quarter.
American Express profit falls 13 percent, but tops forecasts
NEW YORK (AP) — Credit card company American Express says its first-quarter profit fell 13 percent from a year earlier. That’s as the company continues to deal with the aftermath of losing its partnership with Costco.
CSX 1Q profit rises slightly as restricting limits profit
OMAHA, Neb. (AP) — CSX Corp.’s first-quarter profit rose about 2 percent as the railroad hauled more, but the results were hurt by restructuring expenses of $173 million. The Jacksonville, Florida-based railroad said Wednesday that it earned $362 million, or 39 cents per share.
Emirates cuts US flights, blaming Trump administration curbs
DUBAI, United Arab Emirates (AP) — Emirates, the Middle East’s largest airline, slashed its flights to the United States by 20 percent, blaming a drop in demand on tougher U.S. security measures and Trump administration attempts to ban travelers from some Muslim-majority nations. Emirates said the reductions will affect five of its 12 U.S. destinations, with the first cutbacks starting next month.
The Standard & Poor’s 500 index finished down 4.02 points, or 0.2 percent, at 2,338.17. The Dow industrials lost 118.79 points, or 0.6 percent, to 20,404.49. The Nasdaq composite rose 13.56 points, or 0.2 percent, to 5,863.03.
Benchmark U.S. crude lost $1.97, or 3.8 percent, to $50.44 a barrel in New York. Brent crude, used to price international oils, fell $1.96, or 3.6 percent, to $52.93 per barrel in London. Wholesale gasoline fell 5 cents, or 3 percent, to $1.66 a gallon. Heating oil lost 4 cents, or 2.5 percent, to $1.58 a gallon. Natural gas rose 4 cents to $3.19 per 1,000 cubic feet.
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