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See-saw day ends down...Midwest manufacturing hubs...Emergency order on oil shipments

Tuesday - 2/25/2014, 6:40pm  ET

NEW YORK (AP) -- Stocks were up and down all day long, and ended on a down note with the major indexes all losing ground at the close. A surprisingly large drop in consumer confidence in February contributed to the downbeat mood. The S&P 500 dropped two and a-half points to close at 1,845. The Dow lost 27 and a-half to 16,179.66, while the Nasdaq composite fell five points to 4,287.59.

WASHINGTON (AP) -- President Barack Obama has announced the creation of two Pentagon-led, public-private manufacturing institutes. One will be in Obama's hometown of Chicago, concentrating on high-tech digital manufacturing and design. The other hub will be located in Canton, Mich., near Detroit, and specialize in light metal manufacturing.

WASHINGTON (AP) -- Federal regulators have issued an emergency order requiring tests of crude oil before it's shipped by rail. The order comes in response to a string of train explosions and fires since last summer. The Federal Railroad Administration says it also is prohibiting shipping from transporting oil using the least-protective packing requirements. Shippers already had to classify oil shipments based on their risk for explosion or fire, but federal investigators found that many were being misclassified as less dangerous.

WASHINGTON (AP) -- A Senate investigation says billions of dollars in U.S. taxes are going unpaid because Americans are exploiting Swiss bank accounts. It says the U.S. government has failed to aggressively pursue Switzerland's second-largest bank. Credit Suisse has provided accounts for more than 22,000 U.S. citizens totaling $10 billion to $12 billion, and the Senate report says the bank has helped its clients conceal their accounts from the Internal Revenue Service.

WASHINGTON (AP) -- Senate Republican Leader Mitch McConnell says he sees no hope for tax overhaul legislation this year. He blames Senate Democrats for trying to use the issue to raise revenue by $1 trillion. The Republican chairman of House Ways and Means Committee was expected to outline his plan for overhauling the tax code tomorrow. Meanwhile, Senate Democrats are postponing debate on raising the federal minimum wage. Majority Leader Harry Reid says GOP obstruction on nominations is slowing the chamber's work.


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