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Wednesday Afternoon Business Brief

January 15, 2014, 1:23 PM

Wednesday Afternoon Business Brief

Bank of America's fourth quarters earnings report shows a five-fold increase in its profit, and that's helping lift the stock market today. Bank and technology stocks have been leading the way, as the Dow looks toward another possible triple digit gain while the S&P has been trading near its all-time closing high. The tech-heavy Nasdaq has been 25 to 30 points higher.

  • The Federal Reserve's latest Beige Book survey shows gains in consumer spending and factory output helped keep economic growth healthy in most regions of the country in late November and December. The Fed says nine of its 12 banking districts described growth as moderate. Only two districts -- Boston and Philadelphia -- said growth was modest, while Kansas City said it "held steady."
  • President Barack Obama is following through on a year-old promise to set up hubs around the country for high-tech manufacturing. In North Carolina this afternoon, Obama announced that a consortium of 18 businesses and six universities led by North Carolina State University will spearhead the effort. The aim is to better focus on developing next-generation power electronics. He's dedicating $200 million in federal money to get three hubs up and running.
  • An Environmental Protection Agency report says large-scale copper and gold mining in Alaska's Bristol Bay region could have devastating effects on the world's largest sockeye salmon fishery and adversely affect Alaska Natives. The report concludes that up to 94 miles of streams could be destroyed by the mine's footprint, including up to 22 miles of streams known to provide salmon spawning and rearing habitat. The EPA says the assessment is intended to inform possible future government actions.
  • Forbes magazine is leaving its New York City headquarters and moving hundreds of employees to New Jersey. Forbes Media says it has secured office space in the Newport area of Jersey City and plans to relocate by the end of this year. The move comes after New Jersey's Economic Development Agency approved a $27.1 million incentive over 10 years for Forbes.

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