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Wednesday Afternoon Business Brief

May 21, 2014, 2:37 PM

Wednesday Afternoon Business Brief

NEW YORK (AP) - The stock market is bouncing back from yesterday's losses. The Dow quickly added 100 points this morning and is up more than 125 points in afternoon trading. The S&P 500 has gained about 10 points, while the Nasdaq composite also is higher, up about 20.

  • Minutes from the Federal Reserve's April policy-setting meeting show officials have begun discussing how to trim back the stimulus they've been providing the U.S. economy. However, the minutes stress that the discussion should not be viewed as a signal that an increase in short-term rates is imminent. The Fed's key short-term rate has remained at a record low near zero since December 2008.
     
  • BP says it will ask the U.S. Supreme Court to decide whether businesses must prove they were directly harmed by the 2010 Gulf Of Mexico oil spill to collect payments from a 2012 settlement. Earlier this week, the 5th U.S. Circuit Court of Appeals refused to reconsider its decision that businesses do not need to prove direct harm. BP initially estimated it would pay roughly $7.8 billion to resolve spill claims, but later said the claims administrator was misinterpreting the settlement and it could no longer estimate the deal's cost.
     
  • Federal prosecutors have filed charges against an Iowa egg company and two executives blamed in a 2010 salmonella outbreak that sickened thousands of people. Austin "Jack" DeCoster and his son Peter DeCoster have been charged with a misdemeanor, while their company, Quality Egg LLC, is charged with a felony. The charging document says Quality Egg sold products for years with labeling that "made the eggs appear to be not as old as they actually were." The salmonella outbreak led to the recall of 550 million eggs.
     
  • Federal Reserve Chair Janet Yellen is paying tribute to the man she succeeded three months ago. Speaking to graduates at New York University's commencement, Yellen says Ben Bernanke demonstrated the courage needed to stabilize the financial system and restore economic growth. The Fed chair says Bernanke faced "relentless criticism, personal threats and the certainty that history would judge him harshly if he was wrong."

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