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Stock markets drop... Oil prices rise again... Visa earnings beat street estimates



Estimated read time: 2-3 minutes

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NEW YORK (AP) — Stocks are logging their biggest drop in two weeks today as investors assessed some disappointing earnings news. . The Dow Jones industrial average lost 195 points, or 1.1 percent, to 17,840. The Standard & Poor's 500 index declined 21 points, or 1 percent, to 2,085. That was the biggest drop since April 17. The Nasdaq fell 82 points, or 1.6 percent, to 4,941.

NEW YORK (AP) — Oil is up nearly 2 percent today and finished April with a gain of more than 20 percent. U.S. benchmark crude gained $1.05, or 1.8 percent, to close at $59.63 a barrel in New York. And Brent crude rose 94 cents to $66.78 a barrel in London. Analysts say recent reports showing fewer rigs drilling for oil in the U.S. and supplies leveling off are supporting higher prices.

NEW YORK (AP) — Payment processing giant Visa says its net income fell 3 percent in the first three months of the year, hurt by the strengthening dollar and lower gas prices. But its results still topped Wall Street expectations. Visa says it earned $1.55 billion in the period, down from $1.6 billion in the same period a year earlier. Revenue rose almost 8 percent to $3.41 billion.

DOVER, Del. (AP) — A South Korean company accused of stealing trade secrets involving Kevlar technology has pleaded guilty to federal conspiracy charges and settled separate civil litigation filed by the DuPont Co. In resolving the legal battles, Kolon Industries was sentenced to pay $85 million in criminal fines and agreed to pay $275 million in restitution to DuPont.

VAN HORN, Texas (AP) — A private space company founded by Amazon.com CEO Jeff Bezos says it launched an unmanned spaceship on its first test flight today. Bezos says the New Shepard capsule reached 58 miles high and parachuted to a landing in Texas. Bezos' Blue Origin is vying with others, such as Virgin Galactic, to send people on suborbital trips.

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The Associated Press

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