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NEW YORK (AP) — Stocks are closing lower after the Federal Reserve said it would cut back further on its economic stimulus. Chair Janet Yellen also suggested the Fed was moving closer to raising interest rates. The S&P 500 index fell 11 points to close at 1,860 today. The Dow Jones industrial average lost 114 points to 16,222. The Nasdaq composite fell nearly 26 points to 4,307.
UNDATED (AP) — The price of oil is above $100 a barrel for the first time in a week. It rose today on signs of growing demand for petroleum products and Federal Reserve confidence in the economy. Benchmark U.S. crude for April delivery gained 67 cents to close at $100.37 a barrel in New York. That contract expires tomorrow and the more heavily-traded May contract rose 29 cents to $99.17.
LOS ANGELES (AP) — Many homeowners are once again giving priority to their mortgage payments over keeping up with their credit card bills. That's the conclusion of a study by credit reporting agency TransUnion. The firm examined late-payment rates of mortgages, credit cards and auto loans between 2003 and 2013 among consumers with the three types of financial obligations.
DETROIT (AP) — The government is investigating whether General Motors should recall the Saturn Ion compact car for the same steering defect that affected the Chevrolet Cobalt. GM recalled the Cobalt in 2010 to fix power steering motors, which could stop working without warning. That wasn't related to the recall of 1.6 million Cobalt's and other vehicles for defective ignition switches.
UNDATED (AP) — Burger King is going mobile. The fast-food chain says it will soon begin accepting payments and offering discounts through mobile devices. Burger King says it will unveil a new app in April that customers can use to buy burgers at more than 7,000 U.S. locations. Eventually, the company plans to add other features, such as the ability to pre-order food.
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