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NEW YORK (AP) — Stocks closed lower today after an afternoon slide erased early gains in major U.S. indexes. The market was slightly higher in the morning following encouraging news on new home sales and consumer confidence. Stocks drifted lower in the afternoon and ended in the red for the day. The Dow fell 119 points. The S&P lost 12 points, and the Nasdaq composite fell 18 points.
NEW YORK (AP) — A senior partner at a New York accounting firm pleaded guilty to criminal charges today in a deal with the government, saying he unwittingly played a role in financier Bernard Madoff's "horrific and evil Ponzi scheme." The firm executive, Paul Konigsberg, pleaded guilty in federal court in Manhattan to conspiracy and two counts of falsifying books and records. He also agreed to forfeit $4.4 million in cash and property. Sentencing was set for Sept. 19, though cooperation will likely delay the date.
WASHINGTON (AP) — The Great Recession and the slow recovery have sharply widened the gap between the wealthiest Americans and everyone else, according to a study that underscores the unevenness of wealth gains since the recession ended. The richest 5 percent had 24 times the wealth of the median household in 2013 — up substantially from 16.5 times as much in 2007, according to a study by University of Michigan researchers.
WASHINGTON (AP) — Federal regulators want to hear from companies using tiny, engineered micro-particles in their products, part of an effort to stay abreast of the growing field of nanotechnology. The Food and Drug Administration issued final recommendations today for companies using nanotechnology in products regulated by the government, which can include medical therapies, food and cosmetics.
WASHINGTON (AP) — Faced with conservative opposition, House Speaker John Boehner is declining to take a position on renewing the Export-Import Bank even though he's supported it in the past. His new stance deals a blow to a top priority of the business community. The Ohio Republican tells reporters in Washington that he has a different job now and needs to work with GOP lawmakers to make sure they're comfortable with what he called a "rather controversial subject."
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