WASHINGTON - Treasury Secretary Jacob Lew says the Internal Revenue Service's targeting of conservative political groups was "unacceptable and inexcusable" and he has directed the agency's acting director to hold people accountable.

TORONTO - The U.S. ambassador to Canada will become vice-chairman of one of Canada's largest banking groups after his diplomatic appointment ends in July.

OVERLAND PARK, Kan. - Sprint Nextel Corp. has raised its buyout offer for the stake in Clearwire it does not already own by 14 per cent.

TORONTO - North American markets surged ahead at the open Tuesday as investors awaited for signs from the U.S. Federal Reserve on when the central bank will scale down its $85-billion bond buy back program.

MINNEAPOLIS - Best Buy Co. on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.

TORONTO - The Canadian dollar was ahead Tuesday as traders awaited a key statement from U.S. Federal Reserve chairman Ben Bernanke later this week.

ATLANTA - Even though the weather was poor, Home Depot posted an 18 per cent increase in its net income for the first quarter thanks to the ongoing housing recovery.

OVERLAND PARK, Kan. - Wireless company Sprint Nextel Corp. says it can now let Dish Network Corp. see its books and talk with Dish to see whether its competing offer to buy Sprint is better than its current deal with Japan's SoftBank.

HARTFORD, Conn. - Gov. Dannel P. Malloy and Senate President Donald E. Williams Jr. are speaking at a Hartford conference on tourism.

OTTAWA - Canada's financial watchdog is warning that the transition from super-low to more normalized interest rates can be painful.