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Stocks close lower...Oil prices down... XPO buys Con-way

By The Associated Press | Posted - Sep. 9, 2015 at 3:41 p.m.



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NEW YORK (AP) — Stocks are closing lower after an early rally fizzled. The Dow Jones industrial average lost 239 points to close at 16,253. The Standard & Poor's 500 index gave up 27 points to end the day at 1,942. The Nasdaq composite declined 55 points to 4,756.

NEW YORK (AP) — Oil is down today on concerns that global supplies are still outpacing demand. Benchmark U.S. crude fell $1.79 to close at $44.15 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.94 to close at $47.58 in London.

UNDATED (AP) — XPO Logistics Inc. is buying Con-Way Inc. in a deal that will expand the reach of both of the transportation and logistics companies. The deal is valued at $2.72 billion, or $3 billion including $290 million in debt. Con-way, based in Ann Arbor, Michigan, will merge with a subsidiary of XPO, becoming a wholly owned subsidiary of XPO, Greenwich, Connecticut.

WASHINGTON (AP) — Federal officials need to do more to prevent for-profit stem cell clinics from exploiting and potentially injuring patients. That's according to an article published in the New England Journal of Medicine. The journal authors highlight the risks of unproven stem cell procedures, a burgeoning field that has flourished despite little evidence of its safety or effectiveness.

NEW YORK (AP) — Express Scripts, the largest pharmacy benefits management company in the U.S., says George Paz will retire as CEO in May. Tim Wentworth, who was named president of Express Scripts in February 2014, will replace Paz. But Paz will remain chairman. The company handles prescription drug benefits for some 85 million people and manages 1 billion prescriptions a year.

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The Associated Press

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