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Thursday Evening Business Brief

May 15, 2014, 6:45 PM

Thursday Evening Business Brief

NEW YORK (AP) - It was another sour day on Wall Street, with a series of poor earnings reports and mixed economic indicators causing the market to slide. The Dow Jones industrial average fell 167 points, or 1 percent, to close at 16,446. And the Standard & Poor's 500 index slid 17 points, or 1 percent, to 1,870. The Nasdaq dropped 31 points, or 0.8 percent, to 4,069.

  • The White House is welcoming bipartisan legislation to overhaul the nation's mortgage financing system that has cleared a crucial Senate hurdle. The legislation would wind down the giant government-backed lenders Fannie Mae and Freddie Mac. The Senate Banking Committee voted 13-9 Thursday to send the bill to the Senate floor. It still faces long odds to pass this year.
     
  • The Federal Communications Commission has voted to go forward with the proposal of new rules that could set standards for Internet providers who wish to create paid priority fast lanes on their networks. The preliminary vote submits the so-called net neutrality rules for formal public comment. After the 120-day period ends, the FCC will revise the proposal and vote on a final set of rules.
     
  • The price of oil fell below $102 a barrel today as weak economic data in the U.S. suggested demand for crude could fall. Benchmark U.S. crude for June delivery fell 87 cents to close at $101.50 a barrel in New York. Brent crude, a benchmark for international oil used by many U.S. refineries, rose 25 cents to close at $110.44 a barrel in London.
     
  • Republican senators have blocked a bill to renew more than 50 expired tax breaks affecting millions of businesses and individuals. The bill has widespread bipartisan support, but Republicans were unhappy because Democrats wouldn't agree to vote on GOP amendments. Some Republican senators said they expect the bill to come up again, perhaps after congressional elections in November.

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