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Stocks rebound...Oil edges down... USDA: Less profitable year for farmers

By The Associated Press | Posted - Aug. 26, 2015 at 3:41 p.m.



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UNDATED (AP) — Stocks are closing sharply higher, giving the stock market its best day in nearly four years. Stocks are rebounding from a six-day slump. The Dow vaulted 619 points, or 4 percent today. The S&P 500 index jumped nearly 73 points, or 3.9 percent, the biggest gain for the index since November, 2011. The Nasdaq composite surged 191 points, or 4.2 percent.

UNDATED (AP) — The price of oil is back below $39 a barrel. The decline comes after a U.S. government report showed an unexpected decline in demand for gasoline last week. Benchmark U.S. crude fell 71 cents, or 1.8 percent today, to $38.60 in electronic trading on the New York Mercantile Exchange.

DES MOINES, Iowa (AP) — The U.S. Department of Agriculture says it will be a less profitable year for farmers as low grain, milk and hog prices cut into income. The USDA says net farm income is expected to decline 36 percent to $58.3 billion, the lowest in nine years. Farmers are using savings to get by. Others are borrowing more, raising farm debt.

NEW YORK (AP) — General Mills is recalling about 60,000 packages of its Cascadian Farm frozen green beans. One tested positive for listeria. The company says no illnesses are reported. The recall is for 10-ounce bags with "Better If Used By" dates between April 10, 2016 and April 11, 2016. General Mills says people should throw out the product and contact the company for a replacement.

PITTSBURGH (AP) — A Pennsylvania judge is reversing the involuntary manslaughter conviction of a woman. He determined a faulty General Motors ignition switch contributed to her crashing into a school bus, killing her passenger boyfriend. LaKisha Ward-Green, who is 25, served three months of a one- to two-year jail sentence before her attorney appealed citing the GM defect.

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The Associated Press

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