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WALL STREET
Stocks fall most in two weeks
NEW YORK (AP) — The S&P 500 is now flat for the year. The broad index fell the most in two weeks yesterday.
It's another example of the stock market continuing its recent pattern of one step forward, one step back.
After starting the day higher following an encouraging report on orders for manufactured goods, stocks drifted lower in afternoon trading yesterday and gave up their gains from a day earlier.
Investors are waiting for a catalyst that will either push the market higher or cause a sustained sell-off. Many anticipate the market will resume its upward trajectory later in the year as the economy strengthens following an unusually harsh winter.
The S&P 500 fell 13 points, or 0.7 percent, to 1,852 yesterday. The index is up 0.2 percent for the year, after rising almost 30 percent in 2013.
The Dow Jones industrial average lost 99 points, or 0.6 percent, to 16,268. The technology-heavy Nasdaq composite fell more than the other indexes, giving up nearly 61 points, or 1.4 percent, to 4,173.
WORLD MARKETS
Asian markets weak on Wall Street cues, China
MUMBAI, India (AP) — Asian stock markets were anemic today as investors waiting to see if weak Chinese economic data might prompt new economic stimulus took cues from a sell-off on Wall Street.
Sentiment also appeared to be drifting as investors were unsure whether the recent trend of weak manufacturing in China represented bad news or good news because it might lead to new stimulus measures from Beijing.
Benchmark crude oil rose to remain just above $100 a barrel. The dollar gained against the yen and slipped against the euro.
ECONOMY-THE DAY AHEAD
Major business and economic reports scheduled for today
WASHINGTON — Investors are anxious to get the government's latest weekly jobless claims report today.
They'll also get the revised fourth-quarter gross domestic product estimate.
Freddie Mac will report weekly mortgage rates today and the National Association of Realtors will release the pending home sales index for February.
Fashion retailer H&M will also release quarterly earnings today.
BANK-STRESS TESTS
Fed blocks 5 banks from raising dividends
WASHINGTON (AP) — The Federal Reserve is barring Citigroup and four other big banks from increasing their dividends or buying back their own stock because they need better plans for coping with a severe recession.
The announcement Wednesday follows last week's results of the Fed's annual "stress tests." The central bank determined that the U.S. banking industry is better able to withstand a major economic downturn than at any time since the financial crisis struck in 2008. The Fed said that only one of the 30 biggest banks in the country needed to take more steps to shore up its capital base.
Besides Citigroup, the Fed also ruled against dividend increases or share repurchases at HSBC North America Holdings Inc., RBS Citizens Financial Group Inc., Santander Holdings USA Inc. and Zions Bancorp.
BANK SETTLEMENT
NY settles with Bank of America and ex-CEO
ALBANY, N.Y. (AP) — Bank of America Corp. and former chief executive Kenneth Lewis have reached a $25 million settlement to end an investigation into their actions in the 2008 merger with Merrill Lynch & Co.
New York's attorney general made the announcement Wednesday.
The civil fraud lawsuit accused them of failing to disclose Merrill losses and bonuses before the deal closed. The settlement requires the bank pay $15 million and continue certain corporate governance reforms. Lewis, now 67, is prohibited for three years from serving as an officer or director of a public company. He was ordered to pay $10 million.
Attorney General Eric Schneiderman, who inherited the case from predecessor Andrew Cuomo, says the settlement represented a victory in the continued commitment to apply the law equally to individuals and corporations.
MINIMUM WAGE
Connecticut approves highest state minimum wage
HARTFORD, Conn. (AP) — Connecticut state lawmakers are the first in the country to pass legislation increasing the state's minimum wage to $10.10 an hour by 2017, the same rate President Barack Obama wants for the federal minimum wage.
Democratic Gov. Dannel P. Malloy applauded Wednesday's move and says he'll sign it today in New Britain, where Obama appeared to press for a $10.10 national wage.
The National Employment Law Project says Connecticut is the first state to pass a $10.10 minimum wage bill. Similar proposals are being considered by lawmakers in Maryland, Massachusetts, Hawaii and other states.
Republicans roundly criticized the bill, saying it would hurt struggling small business owners and stymie job growth.
The $10.10 wage is the highest imposed by a state, but there are higher minimum wages imposed by cities, including $10.74 in San Francisco. Washington, D.C., will raise its minimum wage to $11.50 by 2016. California's minimum wage will increase to $10 by 2016.
SAMSUNG SMARTPHONE LAUNCH
Samsung 'puzzled' as smartphone launch upstaged
SEOUL, South Korea (AP) — The global launch of Samsung's latest smartphone is being upstaged by South Korean mobile network companies.
SK Telecom, South Korea's largest mobile carrier, said it will start selling the Galaxy S5 on Thursday, two weeks before the scheduled sales launch on April 11.
Samsung said in a statement that it is "very puzzled" by SK Telecom's decision and is deciding how to respond.
Other mobile operators are following SK Telecom's move to release the phone early.
The unusual step comes as SK Telecom and other mobile carries face a 45 day suspension from accepting new customers as a penalty for providing illegal phone subsidies.
Mobile carriers already have the Galaxy S5 in stock in preparation for its launch.
CENSUS-ENERGY BOOM
Energy boom spurs growth west of the Mississippi
WASHINGTON (AP) — America's energy boom is fueling population growth west of the Mississippi River.
Census Bureau data released Thursday shows 6 of the 10 of the fastest-growing metropolitan areas and 8 of the 10 fastest-growing counties are located in or near the oil- and gas-rich Great Plains and Mountain West.
Odessa and Midland, Texas, are the second and third fastest-growing metro areas, and Midland spokeswoman Sara Higgins says oil is why. She says people are coming there to work.
The fastest-growing metro area is the Florida retirement community The Villages, with its 5.2 percent population increase between 2012 and 2013. Following The Villages, Odessa and Midland are Fargo and Bismarck, N.D.
The fastest-growing counties are Williams County, N.D.; Duchesne County, Utah; Sumter County, Fla.; Stark County, N.D.; and Kendall County, Texas.
TARGET-HEARING
Target says it is taking a hard look at security
NEW YORK (AP) — A senior executive at Target Corp. says the retailer is taking a hard look at security across its network and is strengthening its anti-virus tools in the wake of a massive data breach before Christmas.
But Chief Financial Officer John Mulligan offered a Senate panel few details as to how the breach happened.
Wednesday's hearing came as the Committee on Commerce, Science and Transportation released a report that said Target had multiple opportunities to thwart the attack.
Target disclosed on Dec. 19 that a data breach compromised 40 million credit and debit card accounts between Nov. 27 and Dec. 15. Then on Jan. 10 it said hackers also stole personal information from as many as 70 million customers.
Target has said it believes hackers broke into its network by infiltrating the computers of a vendor.
Target acknowledged this month that security software picked up on suspicious activity after the cyber attack was launched, but the company decided not to take immediate action because, at the time, it determined it didn't warrant immediate follow-up.
MISSISSIPPI-CASINO CLOSING
Harrah's casino will close in Tunica
JACKSON, Miss. (AP) — Caesar's Entertainment says it will close its Harrah's casino in Tunica (TOO'-nih-kuh), Miss., on June 2 and lay off as many as 1,300 workers.
Las Vegas-based Caesar's also owns the adjoining Horseshoe Tunica and Tunica Roadhouse Hotel and Casino in a nearby complex. The company says employees will have preference for openings at those operations and at Caesar's properties under development in Las Vegas.
The closing comes after years of relentless decline in gambling revenue in the Tunica area, brought on by increased competition and less spending because of the recession.
Two gambling operations in Arkansas continue to grow rapidly, and Tunica's market historically stretched into areas of Oklahoma and Missouri that now have their own casinos.
Harrah's is the second casino in the Robinsonville area of Tunica County to close.
Isle of Capri closed a casino there in 2002. That casino and hotel tower are still in mothballs.
NEW CANDY PLANT
$270M chocolate plant proof of US's sweet tooth
TOPEKA, Kan. (AP) — Topeka, Kan., has itself a pretty sweet deal, thanks to America's unflagging taste for chocolate.
Mars Inc. is throwing a grand opening Thursday for a new $270 million plant in Kansas that will produce millions of chocolate bars and other sweets every day.
Company officials say the plant exists mostly to meet U.S. demand for its M&M's- and Snickers-brand candy. It's the first new Mars plant in North America in 35 years.
The plant will have the capacity to produce 14 million bite-sized Snickers bars and 39 million M&M's each day.
Local and state officials will join the company at the grand opening of the 500,000-square-foot plant. The plant is bringing about 200 jobs to the Topeka area.
CANADA-PORT STRIKE
Vancouver port truckers reach deal to end strike
VANCOUVER, British Columbia (AP) — Striking truckers at Canada's largest port have a reached a deal to end a prolonged strike that officials said threatened the country's economy.
British Columbia Premier Christy Clark said Wednesday the port will be open for business Thursday.
British Columbia introduced back-to-work legislation earlier this week that would have affected the unionized workers.
The dispute left hundreds of millions of dollars worth of cargo stranded at Vancouver-area container terminals.
It largely focused on issues related to pay, including rates, unpaid time spent at the port waiting for cargo, and allegations of undercutting within the industry.
Clark and Prime Minister Stephen Harper both warned the dispute was jeopardizing the economy.
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