NEW YORK (AP) — The major stock indexes are little changed in early afternoon trading on Wall Street. The Standard & Poor’s 500 index is holding near yesterday’s record close. A rally in the bond market is increasing demand for utilities, telecom and other stocks that pay dividends.
NEW YORK (AP) — A prominent proxy advisory firm is recommending that Target shareholders vote out seven of 10 board members after a massive data breach. Institutional Shareholder Services recommends ousting members who serve on the company’s audit and corporate responsibility committee including Anne Mulcahy, former chair and CEO at Xerox, and James A. Johnson, who was once the CEO at Fannie Mae. The board fired CEO Gregg Steinhafel (STYN’-hahf-uhl) three weeks ago.
NEW ORLEANS (AP) — A federal appeals court panel says BP must resume paying claims to businesses while it asks the U.S. Supreme Court to review its settlement with businesses in the aftermath of the 2010 Gulf of Mexico oil spill. BP is appealing a finding that the settlement doesn’t require businesses to prove they were directly harmed by the spill to collect payments. The claims fund was set up after a BP well off the Louisiana coast blew out in April 2010.
DALLAS (AP) — The CEO of Exxon Mobil Corp. says alternative fuels will grow but that oil will remain the world’s leading source of energy for another quarter century. CEO Rex Tillerson says natural gas will surpass coal as the second-most-used fuel. Tillerson made the comments Wednesday at the company’s annual shareholder meeting.
WASHINGTON (AP) — Stanley Fischer has been sworn in as a member of the Federal Reserve Board and will be able to vote at the central bank’s next interest-rate meeting in June. Fed Chair Janet Yellen administered the oath of office today for the former head of the Bank of Israel. With his addition, the Fed board will remain at four members. Jeremy Stein is leaving to return to Harvard, where he is an economics professor.
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