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BofA's trading desk avoided a single daily loss in Q1 amid market turmoil

NEW YORK (AP) — The market volatility of the last three months, caused partly by the war in Iran, has been a boon to Wall Street, as another set of banks reported strong profits helped by wild swings in markets and companies looking to make deals while the economy remains resilient.

Bank of America said on Wednesday that first-quarter stock trading revenues were $2.8 billion, a 30% jump from last year, while Morgan Stanley's much larger trading desk saw its equity trading revenues rise 25% to $5.15 billion. Morgan Stanley also had a very strong performance on its bond-trading... Read More

US faces demand to restore $350 million in federal funding to help power Puerto Rico

SAN JUAN, Puerto Rico (AP) — Nearly 200 organizations are urging the Trump administration and Puerto Rico’s governor to restore $350 million in federal funding that was meant to finance the installation of rooftop solar and battery systems for 12,000 low-income families across the U.S. territory.

Many of the families have disabilities or medical conditions that require electricity. Concern is growing that the U.S. will abandon them as chronic power outages persist and the Atlantic hurricane season officially nears — it runs from June 1-Nov. 30.

“For them in... Read More

The data center boom meets resistance in Maine as lawmakers pass a yearlong freeze

PORTLAND, Maine (AP) — Maine is set to impose the nation’s first statewide moratorium on energy-hungry data centers in a sign of growing political opposition to tech giants’ massive structures that have stoked fears about blackouts, rising electricity bills and voracious water needs.

The legislation arose in a state that isn't necessarily a destination for the computer-stocked warehouses that power artificial intelligence, but a couple of proposals there generated intense community backlash and helped propel a measure quickly through the state's Democratic-controlled... Read More

Wall Street flirts with a record after adding to its weekslong rally

NEW YORK (AP) — U.S. stocks are flirting with a record Wednesday following their big rally the last two weeks as hopes built that the global economy can avoid a worst-case scenario because of the U.S.-Iran war.

The S&P 500 rose 0.4% and was on track to eclipse its all-time high set in January. After falling nearly 10% below its record in late March, a drop steep enough that Wall Street calls it a “correction,” the index at the heart of many 401(k) accounts has since roared roughly 10% higher.

The rally has been mostly because of expectations for calming tensions... Read More

Typhoon flipped over cars and ripped away roofs on US islands in the Pacific Ocean

The super typhoon in the Pacific Ocean that hammered the Northern Mariana Islands flipped over cars, toppled utility poles and ripped away tin roofs. So far, there have been no reports of deaths.

Authorities were just beginning to assess the damage left behind by Super Typhoon Sinlaku, which first hit the islands Tuesday night local time and continued with a barrage of fierce winds and relentless rains for hours Wednesday.

Power was out and many of the roads were impassible across Saipan, a U.S. territory that's the largest of the Mariana Islands and home to about... Read More

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BofA's trading desk avoided a single daily loss in Q1 amid market turmoil

US faces demand to restore $350 million in federal funding to help power Puerto Rico

The data center boom meets resistance in Maine as lawmakers pass a yearlong freeze

Wall Street flirts with a record after adding to its weekslong rally

Typhoon flipped over cars and ripped away roofs on US islands in the Pacific Ocean

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