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Stocks down...Possible end seen to oil glut...Senate looks to scrap another Obama rule

By The Associated Press | Posted - Mar. 6, 2017 at 12:50 p.m.



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NEW YORK (AP) — Stocks remain lower in afternoon trading as banks return some of their recent gains. They surged last week as interest rates quickly rose. The Dow, S&P 500, Nasdaq and the Russell 2000 index of smaller-company stocks all hit all-time highs last week.

HOUSTON (AP) — An international group representing oil-importing countries is warning that global oil supplies could lag demand after 2020. That would lead to higher prices. There's a worldwide glut of oil now, but the group says that supply growth will slow after 2020, as available production capacity shrinks. Investment in new projects has fallen during the oil price slump that began in mid-2014.

WASHINGTON (AP) — The Senate could scrap an Obama administration rule requiring federal contractors disclose violations of 14 federal labor laws. Those laws pertain to workplace safety, wages and discrimination among other things. The rule addressed concerns from auditors that the government frequently failed to consider violations when awarding contracts because of inadequate information. Business groups worried about compliance costs. Senate approval could come this evening.

ALBUQUERQUE, N.M. (AP) —Amazon will soon begin collecting taxes on purchases being sent to New Mexico addresses. New Mexico's Taxation and Revenue Department confirms that the new sales tax will begin in April. It combines state and local rates to total about 7 percent. The state estimate revenues from Amazon sales could total tens of millions of dollars.

NEW YORK (AP) — A Trump Tower apartment rented out on Airbnb had been getting rave reviews, but it's no longer there. The New York Times says the listing was removed after it contacted Airbnb for comment about the rental in the building that's home to President Donald Trump and his family. The Trump Organization says condominium rules prohibit Airbnb listings. Airbnb says it's looking into the matter.

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The Associated Press

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