Some highlights from the day's business news:
U.S. stocks closed higher for a third day on Wednesday, as bank shares boosted the broader market following Bank of America's $8.5 billion settlement over mortgage securities claims.
Investors also cheered Greece's approval of austerity measures on Wednesday, which are meant keep the country from defaulting.
The Dow Jones industrial average added 73 points, or 0.6%, to close at 12,261. Bank of America was the biggest gainer on the blue-chip index, with shares rising 3% after the bank announced a multi-billion-dollar settlement. Other banks stocks followed suit, with shares of Citigroup, Wells Fargo and JPMorgan Chase all moving higher.
The S&P 500 gained 11 points, or 0.8%, to 1,307; and the Nasdaq Composite added 12 points, or 0.4%, to 2,740
Fed gives banks a break on card swipe fees
Banks and credit card issuers got a break Wednesday from the Federal Reserve.
The agency passed a cap on the fees that the biggest banks charge retailers when customers use debit cards, and it turned out to be more generous than some banks and card issuers had anticipated.
The Fed approved a 21-cent limit on so-called swipe fees – about half of the current average swipe fee of 44 cents. In addition, the Fed proposed a variable additional fee of a few cents to allow for the cost of fraud prevention.
The Fed had originally proposed a 12-cent cap back in December, but its board members said they thought their final decision took into consideration the concerns of all the industries impacted.
Banking groups say the 21 cent cap on swipe fees will slash revenue by 45%.
Myspace sold to Specific Media
Myspace has a new owner: Digital ad network Specific Media said Wednesday that it has acquired the ailing social network from News Corp.
Financial terms of the deal were not disclosed, but multiple news reports put it at around $35 million - far less than the $580 million News Corp. paid for Myspace in 2005.
In a written statement, Specific Media CEO Tim Vanderhook praised Myspace as a "recognized leader" in social media, and said he looks forward to using Myspace to "drive the next generation of digital innovation."
The company also announced that music and entertainment artist Justin Timberlake will "take an ownership stake" and "play a major role" in developing a vision Myspace's future. Specific Media said it will offer a more specific roadmap later this summer.
- CNNMoney's Ken Sweet, Catherine Clifford and Laurie Segall contributed to this report.