Citing an improving economy and labor market, the Federal Reserve agreed Wednesday to continue to wind down bond purchases intended to hold down long-term interest rates and spur growth.
... * Fed reduces asset purchases, upgrades economy assessment. * GDP shows stronger economic growth than expected in Q2. * Dow down 0.02 pct, S&P up 0.2 pct, Nasdaq up 0.6 pct (Updates with reaction to Fed statement).
Twitter CEO Dick Costolo gestures during a panel discussion at the Consumer Electronics Show in Las Vegas on January 8, 2014. Robert Galbraith/Reuters.
Bank of America Corp. (BAC) is nearing a settlement with the U.S. Justice Department after raising its proposed offer to resolve probes into its sale of mortgage-backed bonds in the run-up to the financial crisis, according to people familiar with the talks.
(Corrects spelling of CEO's last name in third paragraph.) Take that, Facebook Inc. A year after rebuffing a $3 billion takeover proposal from Mark Zuckerberg, Snapchat Inc. is in talks to raise money from Alibaba Group Holding Ltd.