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NEW YORK (AP) — Stocks closed lower on Wall Street today as health care companies weighed on the market and investors waited for a flood of earnings reports. Stocks appeared headed for new highs in the morning, but then drifted lower, led by declines in health care. Mylan, a maker of generic drugs, slumped nearly 6 percent, after rejecting a $40 billion buyout offer from Teva Pharmaceuticals. The Dow Jones industrial average fell 42 points to close at 18,037. The S&P 500 fell eight points to 2,108. The Nasdaq fell 31 points to 5,060.
SAN FRANCISCO (AP) — Apple is turning in another blow-out financial report, thanks to the popularity of the iPhone. The phone accounts for more than two-thirds of Apple's $58 billion in revenue for the quarter and the lion's share of its $13.6 billion in profit. The results far surpassed most analysts' expectations for the first three months of the year, when sales traditionally fall from their holiday-season peak. Since Apple began offering models with bigger screens last fall, the company has vied with South Korea's Samsung for the number one spot in the global smartphone market. It sold 61 million iPhones in the first three months of 2015-- up 40 percent from the same time last year.
WASHINGTON (AP) — House and Senate GOP negotiators are sealing agreement on a budget blueprint that would let Republicans more easily target the Affordable Care Act while giving an almost $40 billion budget boost to the Pentagon. The emerging plan drops a controversial House proposal to radically overhaul the Medicare program. It also eliminates the option of using a fast-track budget bill to target food stamps and Pell Grants. But the plan relies on deep cuts to domestic agency budgets and safety net programs for the poor to promise a balanced budget by 2024. Congressional aides familiar with the measure say it'll likely be ratified by House and Senate votes this week.
DUBAI, United Arab Emirates (AP) — The main state oil company in the United Arab Emirates says Japan's Inpex has won a stake in the development of major oil fields in the energy-rich emirate of Abu Dhabi. The Abu Dhabi National Oil Company said Monday's deal gives Inpex's JODCO Onshore Limited a 5-percent stake in the project to develop the Abu Dhabi Company for Onshore Petroleum Operations oil fields for 40 years. It did not provide financial details. The deal will put Inpex in partnership with French oil giant Total, which won rights to 10 percent of the project earlier this year.
ALBANY, N.Y. (AP) — Gov. Andrew Cuomo says New York will be the first state to offer English-language lessons to Spanish speakers over their mobile phones. Cuomo announced the pilot program Monday. It's designed to help immigrants who don't have the time or means to get traditional language lessons. The service uses audio and texts and is free — aside from typical fees for minutes and texts. A version for Spanish-language users will be introduced first in New York City, the Hudson Valley, North Country and the Finger Lakes. Other languages could follow if the initial $14,000 program is extended.
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