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Stocks edge higher...Oil futures advance... WH: Slumping tax revenues will increase deficit this year


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UNDATED (AP) — Stocks are modestly higher on Wall Street, notching record highs for several major U.S. indexes. The Standard & Poor's 500, Dow Jones industrial average and Russell 2000 index of smaller-company stocks each set records as the market posted its third straight day of gains. The S&P 500 added 11 points to close at 2,459. The Dow rose over 84 points to 21,637 and the Nasdaq ose 38 points to end the day at 6,312. The Russell 2000 picked up 3 points.

UNDATED (AP) — Energy futures have closed higher. Benchmark U.S. crude rose 46 cents, or 1 percent, to settle at $46.54 per barrel on the New York Mercantile Exchange today. At the same time, Brent crude, used to price international oils, gained 49 cents, or 1 percent, to $48.91 per barrel in London.

WASHINGTON (AP) — The White House says worsening tax revenues will cause the budget deficit to jump to $702 billion this year. That's a $99 billion spike from what was predicted less than two months ago. The report comes from the Office of Management and Budget. The OMB also says the deficit for the 2018 budget year that starts on Oct. 1 will increase by $149 billion to $589 billion. Last year's deficit registered $585 billion.

NEW YORK (AP) — JPMorgan Chase has just posted a record $7 billion quarterly profit but the CEO of the nation's largest bank is venting his irritation with politicians and what he calls gridlock that's preventing the economy from doing even better. Jamie Dimon, a member of President Donald Trump's business advisory council, says "At one point we all have to get our act together or we won't do what we're supposed to do for the average Americans."

MOSCOW (AP) — Russian news agencies say the head of a company that operates a joint venture to produce gas turbines with Germany's Siemens was questioned by the Federal Security Service on suspicion of disclosing state secrets. The reports come days after Siemens filed suit against another Russian company for allegedly sending two of the turbines to Crimea, in violation of EU sanctions imposed after Russia's 2014 annexation of Crimea from Ukraine.

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