TOP STORIES
YELLEN VOWS FED VIGILANCE ON LOW INFLATION
Three "big questions," including the outlook for inflation, will
guide Fed officials as they consider whether the economy is finally
healthy enough for the central bank to step back from its
low-interest rate policies, Fed Chairwoman Janet Yellen said.
BANK OF AMERICA REPORTS LOSS
BofA reported a 1Q loss of $276 million, or 5c a share, versus a
profit of $1.48 billion a year ago, as it was weighed down by $6
billion in legal charges and by slumping mortgage originations.
Revenue fell 2.7% to $22.57 billion. Shares were off 3%.
U.S. STOCKS MAINTAIN BROAD GAINS
U.S. stocks gained broadly, as rising hopes of economic stimulus
from Asia helped boost investor confidence. The Dow industrials
were up about 125 points in recent trading.
U.S. HOUSING STARTS CLIMB 2.8% IN MARCH
U.S. housing starts rose 2.8% in March to a seasonally adjusted
annual pace of 946,000, fueled by growth in single-family homes,
but broader trends suggest the market remains in a slump.
YAHOO UP AS CONCERNS EASE
Yahoo shares rose 8% after the company's first-quarter report
indicated progress with its advertising business and eased concerns
about slowing growth at Alibaba, the e-commerce giant in which
Yahoo owns a 24% stake.
U.S. INDUSTRIAL PRODUCTION RISES IN MARCH
Industrial production increased a seasonally adjusted 0.7% in
March from the prior month, the Federal Reserve said. Capacity
utilization, a gauge of slack across industries, rose 0.4
percentage point to a 79.2% rate.
HUNDREDS MISSING IN KOREAN FERRY DISASTER
South Korean military divers worked into darkness to search for
close to 300 people missing after a ferry sank near the country's
southwest coast, in what many fear will become one of the nation's
worst passenger-ship disasters.
COMBAT VEHICLES IN EAST UKRAINE RAISE RUSSIAN FLAG
Militants seized Ukrainian armored military vehicles and paraded
them with a Russian flag through the heart of a region seized by
pro-Russian separatists, the country's defense ministry said, as
evidence grew that the operation to regain control of the east was
sputtering.
MOELIS SHARES OPEN HIGHER IN TRADING DEBUT
Moelis's shares opened higher in their trading debut at $27, and
held the gains in early trading, up 8% from the company's $25 IPO
offer price.
MT. GOX GIVES UP ON REHABILITATION BID
Defunct bitcoin exchange Mt. Gox has given up its plan to
rebuild under bankruptcy protection and said it has agreed with a
Tokyo court on the first step toward liquidation.
OIL SLIPS ON LARGER-THAN-EXPECTED SUPPLY BUILD
Crude-oil prices slid after government data showed the biggest
one-week increase in U.S. crude-oil supplies since March 2001, a
rise of 10 million barrels.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Horizons
THE ECB'S PROBLEM WITH CURRENCY TRADERS
When the head of a powerful central bank warns that its currency
is overvalued and threatens action to deal with it, it usually
causes waves in financial markets, writes Michael Casey.
The Wall Street Journal
ALIBABA FLEXES MUSCLES AHEAD OF IPO
Alibaba is nearing another giant milestone: a hotly anticipated
initial public offering in the U.S. that could raise about $15
billion from investors, just shy of what Facebook sold when the
social-networking firm went public in 2012.