Prosecutors sought access to Fed building

Federal prosecutors made an unannounced visit this week to a construction site at Federal Reserve headquarters that is the focus of an investigation into a $2.5 billion renovation project, according to two people familiar with the visit.

Two prosecutors and an investigator from U.S. Attorney Jeanine Pirro’s office were turned away on Tuesday by a building contractor and referred to Fed attorneys, one of the people said. The two people familiar with the visit spoke on condition of anonymity because they weren’t authorized to publicly discuss an ongoing investigation.

Wall Street hits a record as S&P continues rally

U.S. stocks have hit a record following their big rally over the last two weeks. The S&P 500 rose 0.8% Wednesday and eclipsed its prior all-time high set in January.

After falling nearly 10% below its record in late March, the S&P 500 has roared 10% higher on hopes the global economy can avoid a worst-case scenario because of the Iran war. Hopes remain high as mediators moved closer to extending the U.S.-Iran ceasefire and restarting negotiations. Some caution remains in markets still. The Dow Jones Industrial Average dipped 0.1%, and oil prices drifted up and down through the day. The Nasdaq composite gained 1.6%.

BofA’s trading avoided a single daily loss in Q1

Recent market volatility, partly due to the War in Iran, continues to boost Wall Street profits. On Wednesday, Bank of America reported a 30% increase in stock trading revenues for the first quarter, earning $2.8 billion. Morgan Stanley’s equity trading revenues rose 25% to $5.15 billion.

The bank also saw a 29% rise in bond-trading revenues. Both banks had strong investment banking performances, advising major companies like SpaceX. Despite rising energy prices, Bank of America noted no deterioration in U.S. consumer spending. CEO Brian Moynihan remains cautious about geopolitical risks and energy prices.

NYC apartment building workers authorize strike

Thousands of New York City apartment building doorpersons, superintendents and other workers have approved a potential strike in the coming days. If no contract deal is reached, a walkout could start as soon as midnight Monday.

A strike would be the first in 35 years and would affect about 1.5 million renters, co-op owners and condo dwellers across the city. Contract negotiations between building owners and the workers’ union, called 32BJ SEIU, have snagged over health care, pensions and other issues.

Arizona utility to not cut power at 95 degrees

Arizona’s largest utility has agreed not to cut off electrical service to customers for nonpayment while high temperatures are 95 degrees Fahrenheit or above. That is part of a $7 million settlement of a lawsuit prompted in part by the 2024 death of an 82-year-old woman whose power was disconnected.

Arizona Public Service previously prohibited shutoffs because of nonpayment between June 1 and Oct. 15.

As part of the settlement, APS will pay $3.4 million to improve a program that lets customers designate family members or friends as emergency contacts who can receive notices in a bid to help prevent shutoffs.