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NEW YORK (AP) — Stocks are closing lower after U.S. crude dropped nearly 6 percent to its lowest level in almost seven years. The Dow gave up 117 points to 17,730, the S&P 500 fell 14 points to 2,077 and the Nasdaq dropped 40 to 5,101. Exxon Mobil and Chevron each fell 3 percent, the biggest declines in the Dow Jones industrial average. Airline stocks rose on the prospect of lower fuel costs. Delta and JetBlue each climbed 4 percent.
NEW YORK (AP) — Shares of Keurig Green Mountain have soared 72 percent after the company agreed to be acquired by a private equity firm. The stock jumped $37.19 to $88.89. JAB Holding Co. will buy Keurig for almost $14 billion. JAB is a private company with a growing java business.
WASHINGTON (AP) — U.S. consumers borrowed more heavily for auto and student loans in October, taking out debt that helps them find jobs and commute to work. The Federal Reserve says consumer borrowing rose $16 billion in October to $3.5 trillion. But the pace of borrowing decelerated sharply from the $28.5 billion increase in September.
NEW YORK (AP) — Fund giant PIMCO has named former heads of two of the world's biggest central banks to its advisory board. The fund has tapped former Federal Reserve Chairman Ben Bernanke and former European Central Bank President Jean Claude-Trichet. Bernanke will lead the board.
CLEVELAND (AP) — LeBron James has signed a lifetime contract with Nike for undisclosed terms. James has been partnered with the athletic apparel giant since he signed a $90 million contract just before he graduated high school. The NBA star's new deal will carry into his retirement once he's done playing.
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