NEW YORK (AP) -- The Federal Reserve raised its outlook, but Chairman Ben Bernanke's statement yesterday that the Fed would likely start scaling back its stimulus program later this year has thrown traders into sell-off mode. While the main indexes remain more than 11 percent higher on the year, they continued to dive in Thursday trading. The Dow lost 2.3 percent, dropping 354 points to 14,758. The S&P 500 fell nearly 41 points, or 2.5 percent, to 1,588, and the Nasdaq shed 78 and a-half to 3,364, also a 2.3 percent loss.
WASHINGTON (AP) -- The House has rejected a five year, $500 billion farm bill that would have cut $2 billion annually from food stamps and let states impose broad new work requirements on those who receive them. The vote was 234-195 against the bill. Sixty-two Republicans voted no, some saying the food stamp cuts didn't go far enough.
LUXEMBOURG (AP) -- European finance ministers have agreed on broad guidelines on how to use the bloc's permanent bailout fund to rescue banks from failure. The $670 billion rescue fund is a pillar of Europe's banking union, which seeks to put the job of supervision into the hands of European institutions rather than leaving member states to fend for themselves.
CHEYENNE, Wyo. (AP) -- The Environmental Protection Agency is abandoning its plan to confirm hydraulic fracturing is linked to groundwater pollution in central Wyoming. A draft news release obtained by The Associated Press says the EPA won't have independent scientists review its finding that fracking may have caused the pollution. The EPA says it will let state officials investigate instead. Wyoming officials have been skeptical about the theory.
NEW YORK (AP) -- Facebook is adding a video service to its popular photo-sharing app Instagram, following in the heels of Twitter's growing video-sharing app, Vine. Users will be able to record 15-second clips by tapping a video icon on the app. If users like it, Facebook's move could propel mobile video sharing into the mainstream. Instagram has 100 million users.
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