Wall Street gloomy...Oil trades higher...Auto, baby product recalls announced

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Associated Press

Posted on June 15, 2013 at 4:02 PM

Updated Saturday, Jun 15 at 4:02 PM

NEW YORK (AP) — Disappointing reports about the U.S. economy are being blamed for helping to push the stock market lower yesterday. There are also concerns the Federal Reserve could announce plans to cut back its stimulus program next week. The Dow lost 106 points, or 0.7 percent. The S&P 500 gave up 9 ½ points, or 0.6 percent and the Nasdaq fell 22 points, or 0.6 percent.

NEW YORK (AP) — The price of oil is up. It rose to its highest level since January yesterday over fears of a possible escalation of fighting in Syria with U.S. plans to arm the rebels. Benchmark crude for July delivery rose $1.16 to close at $97.85 a barrel on the New York Mercantile Exchange. Oil finished the week with a gain of $1.82 a barrel, or 1.9 percent.

DETROIT (AP) — General Motors is recalling more than 193,652 SUVs from the 2006 and 2007 model years because a circuit board in the driver's door could short and cause a fire. The vehicles involved are the Chevrolet Trailblazer, GMC Envoy, Buick Rainier, Saab 9-7x and Isuzu Ascender from the 2006 and 2007 model years. The 2006 Chevrolet Trailblazer EXT and GMC Envoy XL are also included. GM says owners should park the vehicles outside until they're repaired.

WASHINGTON (AP) — A children's product maker is recalling about 165,000 baby recliners linked to at least five infant deaths and dozens of reports of children falling or hanging over the side of the seats. Baby Matters of Berwyn, Pa., announced the recall of its Nap Nanny and Nap Nanny Chill infant recliners as part of a settlement with the Consumer Product Safety Commission.

SAN FRANCISCO (AP) — Representatives of Facebook and Microsoft say national security officials are giving their companies permission to make new but still very limited revelations about government orders to turn over user data. The announcements last night come at the end of a week when Facebook, Microsoft and Google jointly pressured the Obama administration to loosen a legal gag on national security orders. Those efforts came after a contract employee at the National Security Agency revealed the existence of secret surveillance programs.

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