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NEW YORK (AP) — The S&P 500 is ending with its first weekly loss since early August. Dividend-rich utility stocks led the losses, and the index slipped 12 points, or 0.6 percent, to 1,985. The S&P 500 fell 1.1 percent for the week. The Dow Jones industrial average fell 61 points, or 0.4 percent, to 16,987. The Nasdaq lost 24 points, or 0.5 percent, to 4,567.
NEW YORK (AP) — The price of oil is down on concerns that global demand is falling while supplies remain ample. Benchmark U.S. crude dropped 52 cents to close at $92.27 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 12 cents to close at $97.96 in London. It was Brent's first close below $98 since April of 2013.
WASHINGTON (AP) — The big British bank HSBC will pay $550 million to resolve U.S. claims that it misled U.S. mortgage giants Fannie Mae and Freddie Mac about risky mortgage securities it sold them before the housing market collapsed in 2007. The Federal Housing Finance Agency, which oversees Fannie and Freddie, announced the settlement with HSBC today.
WASHINGTON (AP) — The Federal Reserve is creating a new committee headed by the central bank's No. 2 official. It's tasked with monitoring potential threats to the nation's financial system. The new Committee on Financial Stability will be headed by Fed Vice Chairman Stanley Fischer. Fed board of governors members Daniel Tarullo and Lael Brainard were also named to the committee.
ALBANY, Ga. (AP) — Jury deliberations are underway in the federal trial of the owner of a Georgia peanut plant linked to a deadly salmonella outbreak five years ago. The jury adjourned after a brief session. Jurors will return next Thursday. Former Peanut Corporation of America owner Stewart Parnell has been on trial since Aug. 1 on charges related to the outbreak that killed nine Americans and sickened 714.
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