U.S. stocks closed lower on Friday as data showed the economy contracted in the first quarter but indexes still posted gains for the month.
First-quarter GDP estimates were cut to minus 0.7%, compared with an initial reading of positive 0.2%. By. EllieIsmailidou. Markets reporter.
Bank of America has been fined $30 million for violating consumer protections when collecting debts from military customers. The Office of the Comptroller of the Currency, a Treasury Department division, announced the civil penalty Friday.
A commercial airliner narrowly missed colliding midair with a drone at 2,700 feet as it neared New York's LaGuardia Airport Friday morning, just hours after a string of incidents involving lasers pointed at planes, according to federal officials.
Ed Gilligan, the American Express Co. president viewed as a possible successor to Chief Executive Officer Kenneth I. Chenault, died Friday after becoming ill on an overseas flight to New York.