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Another down day...Fed: Banks need better cushion...Gov: Agriculture disaster in South Carolina

Monday - 8/19/2013, 6:50pm  ET

NEW YORK (AP) -- The stock market has closed lower for the fourth trading session in a row. It's the first time that's happened this year. The Dow fell more than 70 points, dropping to 15,010. The S&P 500 fell nearly 10 points to 1,646. The Nasdaq edged down 13 points to 3,589. Volume was light.

WASHINGTON (AP) -- The Federal Reserve says the nation's largest banks need to do a better job determining how much capital they need to cushion against a future crisis. The Fed says a study shows that banks should be accounting for specific risks that relate to their business activities. The Fed says banks have made progress in preparing for stresses like those brought by the 2008 financial crisis.

NEW YORK (AP) -- A major player in the hedge fund market has reached a settlement with the Securities and Exchange Commission. Phil Falcone was accused of using $113 million of Harbinger Capital Partners' assets to pay his personal taxes. He and his firm will pay $18 million to settle the charges, and Falcone is barred from the brokerage industry for five years. As part of the settlement, Falcone and Harbinger had to admit wrongdoing, a departure from many recent SEC settlements.

HARLEYVILLE, S.C. (AP) -- South Carolina's governor says the heavy rains that have drenched the Southeast this summer are creating a disaster for agriculture on par with a hurricane. The rains have flooded fields, wiped out crops, delayed harvests and cut yields. With crop damage exceeding 30 percent in 36 of South Carolina's 42 counties, Gov. Nikki Haley is asking the Agriculture Department to declare the state a federal agricultural disaster area.

WASHINGTON (AP) -- The federal government says more than 57,000 fewer children will participate in Head Start this school year because of automatic budget cuts put in place two years ago. Federal officials say 18,000 Head Start staff members will see their pay cut or will lose their jobs. Head Start centers also will reduce their hours and the number of days they are open.

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