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Stocks close lower...Norfolk Southern slams revised offer from Canadian Pacific...HondaJet to clear hurdle

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NEW YORK (AP) — U.S. stocks are closing lower for the second-straight day after fears that the slump in commodity prices will continue sparked a wave of selling abroad. The Dow lost 163 points to 17,568. It was down 245 points earlier in the day. The S&P 500 gave up 13 to 2,064. The Nasdaq composite slipped 4 points to 5,098. Oil continued its slide, with U.S. benchmark crude down a fraction of a percent to just $37.51 a barrel.

OMAHA, Neb. (AP) — Norfolk Southern shares are down nearly 6 percent after the railroad rejected Canadian Pacific's latest takeover offer. The new offer includes $32.86 cash and 0.45 shares in the combined company that would own both railroads. That's less cash than the initial offer of $46.72 per share, but more equity than last month's offer of 0.35. The Canadian railroad now appears ready to take its case directly to Norfolk Southern's shareholders.

WASHINGTON (AP) — Transportation Secretary Anthony Foxx says the government plans to update its safety rating system for new cars to include whether the car has technology to avoid crashes. The 5-star rating system is currently based on how well a vehicle can protect occupants from death or injury in accidents. The ratings will also take into account whether the vehicle has sensors that can detect an imminent frontal collision and apply the brakes and warn drivers of vehicles in their blind spots.

RALEIGH, N.C. (AP) — Honda is expected to receive a key Federal Aviation Administration certification this week for its first aircraft. It's the final hurdle the HondaJet must clear before it launches into full production in Greensboro, North Carolina. The business jet seats up to seven and lists for about $4.5 million. A company announcement is expected tomorrow.

NEW YORK (AP) — A federal appeals court has ordered a new trial for a former Connecticut securities trader who was sentenced to two years in prison for allegedly defrauding the government bailout program. The 2nd U.S. Circuit Court of Appeals in Manhattan reversed Jesse Litvak's conviction on charges he defrauded the United States by making false statements. It vacated his conviction on securities fraud charges and ordered a new trial on those counts.

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