Business digest

Tech stocks, oil prices steady themselves

NEW YORK — U.S. stocks rose following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies. The S&P 500 climbed 0.5% Wednesday, a day after sliding from its all-time high because of tumbling energy and technology stocks. The Dow Jones Industrial Average added 0.8% to set its own record, and the Nasdaq composite rose 0.3%. Exxon Mobil and other energy producers stabilized a day after tumbling with the price of crude oil. Stocks in the chip industry also held up better a day after a market-shaking warning from Dutch supplier ASML. Treasury yields eased in the bond market.

Amazon, Google invest in nukes

Tech giants Amazon and Google are investing in the next generation of nuclear reactors. Both companies are seeking new sources of carbon-free electricity to meet increasing demand from data centers and artificial intelligence. Just last month, the owner of the shuttered Three Mile Island nuclear power plant said it plans to restart the reactor so tech giant Microsoft can buy the power to supply its data centers. All three companies have been investing in solar and wind. Now they say they need a broad range of technologies to meet their carbon-free goals. Energy Secretary Jennifer Granholm said she's thrilled Amazon is the latest to "BYOP" or "bring your own power" to the buildout of data centers.

Coal pollution limits will remain in effect

WASHINGTON — The Supreme Court has allowed a Biden administration rule aimed at limiting planet-warming pollution from coal-fired power plants to remain in place as legal challenges play out. The court on Wednesday rejected a push from Republican-led states and industry groups to block the Environmental Protection Agency rule. One conservative justice publicly dissented and two others said they expected the challengers to win eventually but the rule doesn't need to be blocked now. The challengers argued the EPA overstepped and set unattainable standards. Environmental groups have said the standards are reasonable and within the agency's legal responsibility to control harmful pollution.

Helene, Milton likely to be $50B disasters

Monstrous hurricanes Helene and Milton caused so much complex havoc that damages are still being added up, but experts in economics, insurance and risk say they are likely to be in the pantheon of super-costly $50 billion disasters. That would put them in the company of storms like Katrina, Sandy and Harvey. Making those costs even more painful is that most of that damage, particularly in Helene's case, was not insured. Several experts say damages are skyrocketing because people are building in harm's way, reconstruction costs are soaring faster than inflation and human-caused climate change is making storms stronger and wetter.

CSX profit rose 8% in 3rd quarter

CSX delivered 3% more shipments in the third quarter to help drive its profit 8% higher. But only modest volume growth is expected in the rest of the year as the Southeast rebuilds after two major hurricanes. The railroad said it earned $894 million, or 46 cents per share. That's lower than the 48 cents forecast by analysts surveyed by FactSet Research. The Jacksonville, Florida-based railroad has been working to recover after Hurricanes Helene and Milton that battered its extensive network. CSX CEO Joe Hinrichs says the railroad has remained "flexible and resilient" despite all the storm damage.

From Gazette news services