TOP STORIES 
 
SEC INVESTIGATES WHETHER BOFA BROKE CUSTOMER-PROTECTION RULES 

The SEC is investigating whether Bank of America broke rules designed to safeguard client accounts, potentially putting retail-brokerage funds at risk in order to generate more profits, according to people familiar with the inquiry.

 
UPS POSTS HIGHER EARNINGS; CFO TO RETIRE 
 

UPS' 1Q earnings rose 14% to $1.03 billion, or $1.12 a share, boosted by new pricing initiatives and strong growth in its domestic segment. Earnings beat expectations, though revenue fell short. Separately, UPS said CFO Kurt Kuehn will retire July 1.

 
FORD PROFIT DOWN ON INTERNATIONAL MARKETS 
 

Ford Motor's 1Q net income fell 7% as better-than-expected North American profits were dented by losses in Europe and South America, which continue to be a drag on the bottom line. Sales totaled $33.9 billion, down 6% from a year ago.

 
U.S. STOCKS TRADE MIXED 
 

U.S. stocks traded mixed on the heels of declines in Europe and China, as investors continued to focus on corporate earnings. In Europe, France's CAC 40 fell 1.4% and Germany's DAX declined 1%.

 
PFIZER TRIMS OUTLOOK ON STRONGER DOLLAR 
 

Pfizer trimmed its full-year outlook amid a stronger U.S. dollar and weaker euro, although the pharmaceutical giant posted better-than-expected 1Q results on the strength of new products. Revenue fell 4.3% to $10.86 billion.

 
CASE-SHILLER HOME PRICE INDEX CLIMBS 
 

Home prices continued to rise modestly in February, according to the S&P/Case Shiller Home Price Index, a continued upward push in home values which underscores concerns that buyers' incomes aren't keeping pace.

 
NATIONAL GUARD DEPLOYED IN BALTIMORE 
 

National Guard troops fanned out through Baltimore, shield-bearing police officers blocked the streets and firefighters doused still-simmering blazes after riots, looting and violent unrest engulfed swaths of the city yesterday.

 
MERCK RAISES EARNINGS OUTLOOK 
 

Merck raised its earnings guidance for the year, despite the negative impact of the stronger dollar, as its first-quarter results declined less than expected. Shares rose 4% premarket.

 
T-MOBILE BOOSTS SUBSCRIBER GROWTH OUTLOOK 
 

T-Mobile US boosted its subscriber outlook for the year, as investments in customer growth pay off for the wireless carrier. The company also reported 1Q results that narrowly topped Wall Street expectations.

 
BP PROFIT HIT BY LOWER OIL PRICES 
 

BP reported a fall in first-quarter profit from a year earlier, giving the first glimpse of how low oil prices through the beginning of 2015 affected the world's biggest oil companies.

 
AETNA BOOSTS PROFIT OUTLOOK 
 

Aetna boosted its profit outlook for the year again as its government business helped drive better-than-expected earnings for the first three months of the year. It expects EPS of $7.20 to $7.40 for 2015, up from its previous call for at least $7.

 
 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Grand Central 
ROLE REVERSAL, AS CHINA EASES AND FED WAITS AT EXIT DOOR 
 

China's central bank is launching unconventional monetary easing programs as the Fed readies for an exit from its own low interest rate policies. Sign up here for The Wall Street Journal's daily report on global central banks.

 
Capital Journal Daybreak 
OBAMA'S ECONOMIC OUTLOOK 
 

President Obama warned that China would step into the economic vacuum the U.S. would create if it fails to complete and enact a free-trade deal with Asia. Sign up here for The Wall Street Journal's morning rundown of the biggest news driving Washington.