Stock indexes down...Oil prices drop ... Obama doesn't think GOP will force gov shutdown

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Associated Press

Posted on August 9, 2013 at 5:02 PM

NEW YORK (AP) — Indexes are closing lower on Wall Street, closing out a dreary week for the stock market. The Dow Jones industrial average fell nearly 73 points to 15,425. The S&P 500 index was down six points at 1,691. The Nasdaq composite was down nine points. The market has been slipping this week as companies report mixed earnings and disappointing revenue.

NEW YORK (AP) — The price of oil is up more than 2 percent as positive economic news from China outweighed expectations the Federal Reserve would soon start withdrawing from its bond-buying program. Benchmark crude for September delivery gained $2.57, or 2.5 percent today, to close at $105.97 per barrel in New York. Meanwhile, the national average for a gallon of gas fell a penny overnight to $3.58. That's the lowest average price since July 13.

WASHINGTON (AP) — President Barack Obama says he doesn't think congressional Republicans will force a government shutdown in this fall's budget fight. Obama says the public wouldn't understand a budget confrontation that leads to a cutoff of services that could weaken the economy's recovery. He says he assumes Republicans won't choose that path and common sense will prevail.

WASHINGTON (AP) — President Barack Obama's nominee to become the No. 2 official at the Homeland Security Department reportedly urged government employees to decide more quickly whether to approve applications from foreign investors in a Las Vegas casino. According to The Wall Street Journal, Alejandro Mayorkas' urgings come despite concerns about the source of the investment funds.

WICHITA, Kan. (AP) — Tyson Foods is telling cattle feeders it will no longer buy animals that are fed a government- approved supplement designed to bulk them up before slaughter. Tyson cites experts who suggest the drug may be causing cattle to become lame. The decision is raising concerns from industry experts that less beef will be available, which would drive up consumer prices.

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