NEW YORK (AP) -- Investors are concerned about a looming budget fight in Washington and that pushed the stock market sharply lower today. The Dow Jones industrial average slid 185 points to close at 15,451. The sell-off erased a big rally earlier this week. The S&P 500 index fell 12 points to close at 1,709 today. And the Nasdaq composite fell 14 points to 3,774.
NEW YORK (AP) -- Fears of a disruption to Mideast supplies are easing while concerns about a U.S. government shutdown are growing stronger. Those factors led traders to push down the price of oil more than 1 percent today. Benchmark crude for October delivery fell $1.72, or 1.4 percent, to close at $104.67 per barrel in New York. The average price for a gallon of gas held steady at $3.49.
CLAYCOMO, Mo. (AP) -- President Barack Obama says instead of focusing on defunding his health care law, Republicans should pass a spending plan and raise the nation's borrowing limit to avoid a default on the nation's debt. The Republican-led House today passed a bill that would keep the government running, but it's attached to a provision that would gut funding for the health care law.
TORONTO (AP) -- BlackBerry says it will lay off 4,500 employees, or 40 percent of its global workforce, as it reports a nearly $1 billion second-quarter loss in a surprise early release of earnings results today. The Canadian company says it expects a loss of about $950 million to $995 million for the quarter, including a massive inventory charge due to increasing market competition.
FORT WORTH, Texas (AP) -- American Airlines and US Airways want to know why the federal government allowed previous airline mergers, but wants to block theirs. The carriers are asking a judge to order the Department of Justice to turn over documents about previous mergers. The government says the merger will limit competition and raise prices. The airlines say there'll be plenty of competition.
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