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Intuit and Triumph jump while Lowe's and Tiffany tumble

The Associated Press  |  Posted   May 24th - 3:00pm

Stocks that moved substantially or traded heavily Wednesday:

OPEC likely to extend production cuts into next year

George Jahn, Associated Press  |  Posted   May 24th - 3:00pm

OPEC countries and other producers including oil giant Russia are backing prolonging last year's production cut to shore up crude prices, strongly indicating that an extension is a done deal even before they meet formally on the issue Thursday.

Judges divided in hearing on consumer agency power

Marcy Gordon, Associated Press  |  Posted   May 24th - 3:00pm

Federal appeals judges are divided as they hear arguments over whether the president should be able to more easily fire the head of the government's consumer finance watchdog agency.

The Latest: Analysts say GOP bill leaves 23m more uninsured

The Associated Press  |  Posted   May 24th - 3:00pm

The Latest on Congressional Republican efforts to replace the health care law (all times local):

Philadelphia police to move into former newspaper building

The Associated Press  |  Posted   May 24th - 3:00pm

Philadelphia has announced plans to relocate its police headquarters to the former home of The Philadelphia Inquirer and the Philadelphia Daily News.

Fed minutes: Officials back reducing bond holdings this year

Martin Crutsinger, Associated Press  |  Posted   May 24th - 2:48pm

Federal Reserve officials signaled in discussions early this month that they would likely start reducing the Fed's huge portfolio of bond holdings later this year, a step that could cause borrowing rates to rise.

Consultant charged in scheme to trade US secrets for profit

Larry Neumeister, Associated Press  |  Posted   May 24th - 2:48pm

A Washington consultant, three hedge fund workers and a government employee were blamed Wednesday by federal prosecutors for an insider trading scheme that converted government secrets into hedge fund profits.

US stocks extend gains to a 5th day as tech companies rise

Marley Jay, Associated Press  |  Posted   May 24th - 2:48pm

U.S. stocks rose for the fifth consecutive day Wednesday as investors went on a late buying spree. The gains came after news that the Federal Reserve plans to start reducing its huge portfolio of bonds. The Standard & Poor's 500 index closed at a record high.

US charges 7 with stealing trade secrets for Chinese company

The Associated Press  |  Posted   May 24th - 2:48pm

U.S. prosecutors say a Chinese company paid Houston-based employees of an engineering company to steal formulas on a type of foam used in offshore drilling.

AP FACT CHECK: No Medicaid cuts in Trump budget? Really?

Josh Boak, Associated Press  |  Posted   May 24th - 2:29pm

Trump's budget director insists the administration's spending plans won't cut Medicaid money, but by any conventional measure of federal financing the health care program for families and the poor is clearly on the chopping block.

Gold, silver edge lower

The Associated Press  |  Posted   May 24th - 2:18pm

The May gold contract on the New York Mercantile Exchange closed today at $1,252.40 an ounce, down $2.40.

After breaking even, NY City Opera stays with reduced season

Ronald Blum, Associated Press  |  Posted   May 24th - 2:07pm

After breaking even in its first full season since emerging from bankruptcy, New York City Opera said Wednesday it will stick with a reduced schedule of four main-stage productions in 2017-18 and does not envision getting much larger.

The Latest: Democrats press Treasury secretary on tax cuts

The Associated Press  |  Posted   May 24th - 2:07pm

The Latest on President Donald Trump's budget (all times local):

UN: Proposed US funding cuts would make UN's work impossible

The Associated Press  |  Posted   May 24th - 2:07pm

The U.N. spokesman says President Donald Trump's huge proposed cuts in U.S. funding for the United Nations would make it "simply impossible" for the world organization to carry out essential work to promote peace, combat poverty and provide humanitarian assistance.

Ford's new CEO gets $1 million bonus, $1.8 million base pay

The Associated Press  |  Posted   May 24th - 2:07pm

Ford Motor Co.'s new CEO got a $1 million bonus when he took on his new role this week.

Lawsuit: VA contracting changes could cut jobs for the blind

Brian Slodysko, Associated Press  |  Posted   May 24th - 1:49pm

An advocacy group is suing the Department of Veterans Affairs, alleging the agency ignored a long-standing law when it changed contracting rules used for decades to give jobs to the blind.

Grain mixed, livestock mixed

The Associated Press  |  Posted   May 24th - 1:49pm

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

Grain mixed, livestock mixed

The Associated Press  |  Posted   May 24th - 1:49pm

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

AP FACT CHECK: Trump's suspect claim about Iran's collapse

Bradley Klapper, Associated Press  |  Posted   May 24th - 1:39pm

As President Donald Trump tells it, Iran would be a collapsed state by now if only the Obama administration had refused the 2015 deal that eased economic sanctions in return for a freeze on Iranian nuclear development. This starved-into-submission scenario, however, doesn't fit with the circumstances of that time.

Treasury chief to Congress: Raise debt limit before August

Andrew Taylor, Associated Press  |  Posted   May 24th - 1:39pm

Treasury Secretary Steven Mnuchin told lawmakers on Wednesday that they should vote to increase the government's borrowing authority — and avert a disastrous economic default — before their August recess.