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NEW YORK (AP) — Stocks are moving lower in afternoon trading on Wall Street. Higher bond yields are sinking high-dividend stocks like real estate companies, but railroad stocks are moving higher. Netflix also jumped after its results came in ahead of forecasts.
WASHINGTON (AP) — Donald Trump's choice to run the Treasury Department is promising the government won't default on the debt. Steven Mnuchin (mih-NOO'-chin) told the Senate Finance Committee that he and Trump believe that "honoring the U.S. debt is the most important thing." He also says they want to raise the debt ceiling "sooner rather than later" when it is due to be reset later this year. Raising the debt ceiling must be done to avert a first-ever default on U.S. obligations.
DETROIT (AP) — Thirteen automakers are recalling more than 652,000 vehicles in the U.S. in the latest round of Takata air bag inflator recalls. Recalls posted today involve Audi, Nissan, Jaguar-Land Rover, Subaru, Daimler Vans, Tesla, Mitsubishi, BMW, Ferrari, Mercedes, Mazda, McLaren and Karma. They're to replace front passenger inflators, which can explode with too much force, sending shrapnel into the passenger compartment.
WASHINGTON (AP) — U.S. safety regulators have closed an investigation into a fatal crash involving Tesla Motors' Autopilot system without seeking a recall. The National Highway Traffic Safety Administration says Tesla won't be fined. But the agency criticized the electric car maker for calling the semi-autonomous driving feature Autopilot, saying it still requires a driver's full and constant attention. The investigation followed a May crash that killed the driver of a Tesla Model S whose Autopilot system failed to spot a tractor-trailer in the car's path.
SEATTLE (AP) — Costco has agreed to pay nearly $12 million to settle Justice Department allegations of lax pharmacy controls over a four-year period. The company acknowledges that some of its pharmacies improperly filled prescriptions, kept poor records or failed to adequately track inventory between the start of 2012 and the end of 2015. The case grew out of separate investigations conducted by federal authorities in Washington, Michigan and California.
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