Encouraging words...JPMorgan Chase CEO survives...A bite of the Apple

Tuesday - 5/21/2013, 7:10pm EDT

NEW YORK (AP) -- On Wall Street, stocks gained ground following reassuring comments from a Federal Reserve official and better earnings from JP Morgan Chase & Co. and Home Depot. Stocks turned higher on news that James Bullard, head of the Fed's St. Louis branch, told an audience in Germany that the Fed ought to stick with its bond-buying effort to bolster the economic recovery. The Dow Jones industrial average rose 52 points. The Standard & Poor's 500 index edged up nearly three points. The Nasdaq composite rose almost six points.

TAMPA, Fla. (AP) -- Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a vote that would have called on him to give up his role as chairman of the nation's largest bank. But shareholders sent a message that the bank needs better oversight, giving only narrow approval to three of the bank's board members.

NEW YORK (AP) -- The price of oil fell today as investors waited for the Federal Reserve's latest views on the U.S. economy. Benchmark crude for June delivery dropped 55 cents to $96.16 a barrel on the New York Mercantile Exchange.

WASHINGTON (AP) -- The Senate dragged Apple Inc., the world's most valuable company, into the debate over the U.S. tax code, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. taxes. Cook said the subsidiaries have nothing to do with reducing its U.S. taxes, a message he struggled to convey to the Senate Permanent Subcommittee on Investigations.

REDMOND, Wash. (AP) -- Microsoft thinks it has the one. The company unveiled the Xbox One, an entertainment console that wants to be the one system households will need for games, television, movies, sports and other entertainment. It will go on sale later this year, for an undisclosed price.


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