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NEW YORK (AP) — U.S. stocks have closed slightly lower after recouping much of an early slump. Investors have begun to worry about a global sell-off in government bonds that's been driving long-term borrowing costs higher. The benchmark U.S. bond yield touched its highest level since November.
The Dow Jones industrial average lost 36 points, or 0.2 percent, to 18,068 today. The Standard & Poor's 500 index gave up six points, or 0.3 percent, to 2,099. The Nasdaq composite declined 17 points, or 0.4 percent, to 4,976.
WASHINGTON (AP) — Senate Democrats have dealt President Barack Obama a stinging setback on trade. All but one Senate Democrat defied the president today by voting to prevent consideration of his request for "fast track" trade authority. Such authority would let Obama present trade agreements that Congress could ratify or reject, but not amend.
Obama's supporters say they will try again, possibly starting in the House. But today's vote highlighted the deep divide between Obama and the many congressional Democrats who say trade deals hurt U.S. jobs.
WASHINGTON (AP) — The Treasury Department says a flood of tax payments pushed government receipts to an all-time high in April and left the country with the largest monthly budget surplus in seven years. The department's budget report put the April surplus at $156.7 billion. An improving economy has boosted individual and corporate tax payments. Through the first seven months of the budget year, the deficit totals $282.8 billion, nearly 8 percent below last year.
FORT WORTH, Texas (AP) — After more than 75 years of flying, the end is near for US Airways. American Airlines plans to shut down the venerable carrier over a 90-day stretch that could begin as soon as July. American executives hope that a gradual fade-out will help them avoid the kind of technological glitches and massive flight delays that plagued United Airlines after it abruptly switched to Continental's computer systems in 2012. American and US Airways merged in late 2013.
NEW YORK (AP) — Good news for summer drivers. Gas prices are likely to drop to six-year lows. The Energy Department said today it expects the price of gasoline to average $2.55 between April and September, which would be the lowest since 2009. That translates to a $675 windfall for the typical household over a year, thanks to a collapse in oil prices that ended in mid-March at $43 a barrel.
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