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Stocks mixed...GOP rejects Obama tax proposal...Unemployment rises in large cities

Tuesday - 7/30/2013, 3:41pm  ET

NEW YORK (AP) -- Stocks are mixed midday trading on Wall Street as the Federal Reserve began a two-day policy meeting and as companies reported mixed results for the latest quarter. The Dow Jones industrial average, which had been up 72 points earlier, was down about 16 an hour and a-half before the close of trading. The Standard & Poor's 500 index was flat while the technology-heavy Nasdaq was up 16.

CHATTANOOGA, Tenn. (AP) -- President Barack Obama is offering Republicans something they've wanted for a long time, a simpler corporate tax code, in exchange for more spending on programs to create jobs for the middle class. But Republicans are saying "no deal." They say the corporate and individual tax codes must be changed simultaneously to help certain small business owners. The president talked about it today at an Amazon.com warehouse in Tennessee.

WASHINGTON (AP) -- The Labor Department says unemployment rates rose in nearly all large U.S. cities last month, as college graduates began searching for jobs. Jobless rates rose in 347 large metro areas in June compared with May. They fell in 12 and were unchanged in 13. Many of the cities with significant rate increases have large universities, meaning large numbers of graduates, students and university workers began looking for work as the academic year ended.

LONDON (AP) -- A British university is delaying the release of an academic paper on how the security systems of millions of Volkswagen vehicles are at risk of being hacked. The University of Birmingham says it will "defer publication" of the paper after the German carmaker took legal action against it and England's High Court issued an interim injunction. The paper discusses how researchers were able to subvert the anti-theft system used in Porsches, Audis, Bentleys, and Lamborghinis.

NEW YORK (AP) -- New York City's crackdown on big, sugary sodas is staying on ice. An appeals court has ruled that the city's Board of Health exceeded its legal authority and acted unconstitutionally when it tried to put a size limit on soft drinks served in city restaurants. The panel upheld a lower court decision that had delayed the measure before it took effect in March. The city's law department has promised an appeal.


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