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Markets Right Now: Dow, S&P 500 surge to record high closes

The Associated Press  |  Posted  Dec 7th - 2:11pm

The latest on developments in financial markets (All times local):

Congress approves biomedical bill as leaders eye adjournment

Alan Fram and Andrew Taylor, Associated Press  |  Posted  Dec 7th - 1:52pm

With an atypical burst of bipartisanship, the Senate shipped legislation to President Barack Obama on Wednesday lowering hurdles for government drug approvals as the 114th Congress bumped toward the end of a two-year run highlighted by upheaval and stalemate.

Grain mixed,livestock mixed

The Associated Press  |  Posted  Dec 7th - 1:51pm

Grain futures were mixed Wednesday on the Chicago Board of Trade.

Broad rally takes US indexes back above record highs

Marley Jay, Associated Press  |  Posted  Dec 7th - 1:41pm

U.S. indexes are leaping to all-time highs in a broad rally Wednesday afternoon. Investors are buying stocks that do well in times of faster economic growth, like technology and industrial companies, but they're also snapping up stocks that pay large dividends. Drug companies are taking steep losses after President-elect Donald Trump said he wants to reduce drug prices.

Utah governor releases $16B budget plan for upcoming year

Michelle L. Price, Associated Press  |  Posted  Dec 7th - 1:41pm

Gov. Gary Herbert on Wednesday released a $16 billion budget plan for the upcoming year that tries to stem high turnover among prison guards and corrections workers and pay for 10,000 more students in Utah schools.

Venezuela unveils 6 new bills amid galloping inflation

Hannah Dreier, Associated Press  |  Posted  Dec 7th - 1:41pm

Venezuela has unveiled six new bills set to go into circulation next week.

2 burned in gas blast at company that makes rowing machines

The Associated Press  |  Posted  Dec 7th - 1:41pm

A gas explosion at a Rhode Island company that makes indoor rowing machines has left two people with burns.


Study: 'Obamacare' repeal-only would make 30M uninsured

Ricardo Alonso-Zaldivar, Associated Press  |  Posted  Dec 7th - 1:39pm

Repealing President Barack Obama's health care law without a replacement risks making nearly 30 million people uninsured, according to a study released Wednesday.

Gold, silver gain

The Associated Press  |  Posted  Dec 7th - 1:31pm

The December gold contract on the New York Mercantile Exchange closed today at $1,175.00 an ounce, up $7.40.

Consumers boost borrowing $16 billion in October

Martin Crutsinger, Associated Press  |  Posted  Dec 7th - 1:31pm

Consumers increased their borrowing in October at the slowest pace in four months as growth in credit card debt and the category that covers auto loans and student loans slowed.

Glencore, Qatari fund buy 19.5 percent in Russia's Rosneft

Vladimir Isachenkov, Associated Press  |  Posted  Dec 7th - 1:22pm

Commodities giant Glencore and Qatar's sovereign wealth fund have together acquired a 19.5 percent stake in Russia's top state-controlled oil company, Rosneft, in a deal worth 10.5 billion euros ($11.3 billion), officials said Wednesday.

Playworld recalls 1,300 slides because of hazard

The Associated Press  |  Posted  Dec 7th - 1:21pm

Playworld Systems Inc. is recalling 1,300 slides that are used in school and municipal playgrounds after a defect caused two finger amputations in children.

Dakota Access pipeline company fighting small state fine

Blake Nicholson, Associated Press  |  Posted  Dec 7th - 1:21pm

The company building the Dakota Access oil pipeline is fighting North Dakota regulators' efforts to impose a fine of at least $15,000 after working on land where Native American artifacts were found without running it by the commission that oversees pipelines.

Brooke Shields' gift list sweetens sales for Vermont syrup

Lisa Rathke, Associated Press  |  Posted  Dec 7th - 1:13pm

Brooke Shields' gift list is sweetening a Vermont family farm's sale of maple syrup.

Packaged seafood company exec charged in price-fixing probe

Eric Tucker, Associated Press  |  Posted  Dec 7th - 1:12pm

The Justice Department says an executive at a packaged seafood company has agreed to plead guilty in a price-fixing conspiracy.

Jimmy John's agrees to end non-compete deals in Illinois

The Associated Press  |  Posted  Dec 7th - 1:11pm

Illinois Attorney General Lisa Madigan says the Jimmy John's sandwich chain has agreed to stop requiring low-level employees to sign agreements preventing them from seeking jobs with competitors.

Starbucks to boost number of shops, add more food to menu

Joseph Pisani, Associated Press  |  Posted  Dec 7th - 1:11pm

Starbucks, looking to the future as its longtime CEO moves to other projects, plans to open 12,000 new locations within five years to boost its number of coffee shops worldwide by almost 50 percent.

Dallas proposes reducing features of police and fire pension

The Associated Press  |  Posted  Dec 7th - 1:11pm

Dallas' chief financial officer says the city's proposed plan to fix the ailing police and fire pension will include cutting some of the more generous features members elected to grant themselves.

Duke Energy discussing compensation for coal ash neighbors

Emery P. Dalesio, Associated Press  |  Posted  Dec 7th - 1:03pm

Duke Energy said Wednesday it is negotiating compensation for depressed property values or a future with municipal water bills with the neighbors of coal ash pits, who fear the unlined storage basins have polluted their water wells.

Softbank tycoon who met with Trump is Japan's deal maker

Elaine Kurtenbach, Associated Press  |  Posted  Dec 7th - 12:50pm

Japanese billionaire Masayoshi Son, who met with President-elect Donald Trump and then announced plans to create 50,000 jobs and invest $50 billion in U.S. startups, has been one of Japan's most aggressive overseas investors for over two decades. He's getting an early start on deal-making with the future president.