Stocks finished with gains, after two days of declines. The Dow Jones industrial average gained 178 points, or 1.5 percent, to close at 11,836. The S&P 500 rose 20 points, while the Nasdaq added 33 points.
- The Federal Reserve says the economy has been better lately, but faces a worse outlook over the next year or so. Chairman Ben Bernanke said that if conditions worsen, the Fed would consider buying more mortgage-backed securities. He declined to specify what would trigger such a move.
- An industry regulator says MF Global moved millions in missing client funds last week, possibly to avoid detection. Regulator CME Group the embattled firm apparently made "substantial transfers" of customer money after an on-site audit last week.
- In the latest court battle over the notorious 2004 Super Bowl halftime show, a federal appeals court ruled Wednesday that CBS should not be fined $550,000 for Janet Jackson's infamous "wardrobe malfunction." The court held its ground even after the U.S. Supreme Court ordered a review after its ruling in a related Fox television case.
- Wall Street Journal and Fox News parent News Corp. report profit for the latest quarter was down 5 percent from a year ago. That's because of the cost of closing a scandal-wracked London tabloid and dropping its takeover bid for British Sky Broadcasting.
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