Stocks gain...Colorado has new drilling regs...Report: Ethiopia pilots tried instructions but they didn’t work
UNDATED (AP) — Technology companies helped drive stocks on Wall Street to solid gains Wednesday afternoon, placing the market on track for a strong rebound after a flat finish a day earlier. The Dow Jones Industrial Average rose 67 points, or 0.3%, to 26,246 as of 1:25 p.m. Eastern Time. The S&P 500 index gained 0.5%, on track for a five-day winning streak. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 0.9%. The Russell 2000 index of smaller company stocks picked up 0.8%. Major indexes in Europe also rose.
DENVER (AP) — Colorado’s Legislature gave final approval Wednesday to a bill that would dramatically change how the state regulates its multibillion-dollar oil and gas industry and sent it to Democratic Gov. Jared Polis, who is expected to sign it. The bill would make the protection of public health and the environment the top priority of regulators and grant local governments new authority over where wells can be drilled. Currently, regulators’ top priority is encouraging production, and only the Colorado Oil and Gas Conservation Commission, the state’s regulatory body, can approve well locations.
UNDATED (AP) — The Wall Street Journal reports that pilots of an airliner that crashed last month in Ethiopia initially followed Boeing’s emergency steps for dealing with a sudden downturn of the nose of their plane but could not regain control. The newspaper reported Wednesday that pilots of the Ethiopian Airlines Boeing 737 Max turned off a flight-control system but still couldn’t get the plane to climb. They turned the system back on and tried other actions before the plane crashed. The paper citied people familiar with preliminary findings of the crash investigation.
LONDON (AP) — Britain’s Brexit drama went into overtime Wednesday as Prime Minister Theresa May and the country’s main opposition sought a compromise deal to prevent an abrupt British departure from the European Union at the end of next week. In an about-face that left pro-Brexit members of May’s Conservative Party howling with outrage, May sought to forge an agreement with left-wing Labour Party leader Jeremy Corbyn after failing three times to win Parliament’s backing for her Brexit deal.
WASHINGTON (AP) — A top White House official says President Donald Trump is “fully behind” Stephen Moore, his choice to help lead the Federal Reserve, despite unflattering details that have come to light about Moore’s personal life. Larry Kudlow, director of the National Economic Council, also complained that Washington has a toxic environment.