NEW YORK (Reuters) - U.S. stocks closed modestly higher in light trading on Thursday as investors held back on big bets ahead of Friday's jobs report, which is expected to be a big factor in influencing the timing of a Federal Reserve interest rate hike.
WASHINGTON/NEW YORK (Reuters) - All 31 U.S. banks passed a test of how they would do in a next economic crisis, the Federal Reserve said on Thursday, but those with large trading books came out weak because of new elements in the check-up. The Fed had assumed a surge in corporate defaults in the toughest hypothetical scenario to test banks' resilience, which it said hit banks with large capital market activities.
By David Morgan WASHINGTON (Reuters) - U.S. auto safety regulators are considering unprecedented steps to speed up the replacement of potentially deadly Takata Corp air bags in millions of cars that remain on American roads despite massive recalls initiated by automakers. In a letter dated March 3, National Highway Traffic Safety Administration chief Mark Rosekind told Senator Bill Nelson that regulators had the authority to increase supply of replacement parts by requiring more manufacturers to produce them. If the NHTSA decides to exercise this right under the National Traffic and Motor Safety Act it would mark the first time the agency has done so since it was granted such authority in 2000. Rosekind, a former member ofÂ the National Transportation Safety Board, which investigates major accidents, took the helm of NHTSA in December as the agency weathered criticism for not responding more quickly to the Takata defects and another deadly problem involving faulty General Motors Co ignition switches.