1. U.S. stock surge lifts global markets
Global stocks jumped early Wednesday, buoyed by a U.S. stock surge triggered on Tuesday by better-than-expected manufacturing news. Markets around the world also got a lift Tuesday thanks to China's decision to ease lending rules to free up money to make up for slowing growth. The Dow Jones Industrial Average on Tuesday jumped by 349 points, or 2.1 percent, in its best day since Jan. 29. The S&P 500 index gained 2.4 percent — its best March opening ever — and the Nasdaq soared even more, gaining 2.9 percent.
2. Automakers report best February U.S. sales since 2000
Ford and Fiat Chrysler on Tuesday announced strong February sales that beat analysts' estimates. The best U.S. February sales since 2000 came as customers took advantage of low gas prices and interest rates. Auto sales have been a bright spot in a sputtering economy recently. GM's sales fell by 1.5 percent as it cut sales to rental fleets, a move intended to boost profitability. Toyota, Honda, and Nissan beat estimates.
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3. Sports Authority files for bankruptcy protection
Sports Authority on Wednesday filed for Chapter 11 bankruptcy protection. The sporting goods chain is the first major retailer to file for bankruptcy this year. It said it would close 140 stores under its restructuring plan as it contends with stiff competition, both from Walmart and other big-box stores, and from Amazon and other online retailers.
4. Apple and FBI face off on Capitol Hill over iPhone encryption
An Apple lawyer and FBI Director James Comey took their iPhone encryption fight to Capitol Hill on Tuesday. Comey told members of the House judiciary committee that the FBI was not seeking to expand federal surveillance authority by asking a court to make Apple help unlock an iPhone used by one of the San Bernardino killers. Apple's general counsel, Bruce Sewell, countered by saying that the tool the FBI wants could be used to hack into any iPhone.
5. Zuckerberg makes biggest gains on Forbes' billionaires list
Mark Zuckerberg was the biggest gainer on the Forbes list of the world's billionaires, released Tuesday. The Facebook co-founder and CEO moved up 10 spots from last year to land at No. 6 on the list, with a fortune estimated at $44.6 billion, up from $33.4 billion a year earlier. Microsoft founder Bill Gates stayed on top with an estimated net worth of $75 billion, down from $79.2 billion last year. Gates has been listed as the world's richest person 17 times in the last 22 years.
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