Stocks fall on rising trade deficit and oil surge
The Dow fell 85.58 to 10,600.31 as June trade deficit rose to 58.8 billion, driven by a record oil bill. Dell Inc.'s weak quarter pressured tech stocks while crude prices hit new highs on refinery outages. The week ended mixed with Dow up modestly, S&P and Nasdaq lower.
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FDA tightens access to acne drug that causes birth defects
The FDA announced the iPLEDGE program to enroll users doctors and sellers in a national registry to prevent Accutane related pregnancies. Critics call it overdue while advocates hope it protects babies and may push further market actions if ineffective.
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Oil imports strike up record high
Washington AP reports the June trade deficit widened to 58.8 billion as petroleum imports surged to a new high. Exports rose to 106.8 billion while imports jumped 43.4 billion to 165.7 billion, boosting the year’s deficit and drawing political critique of free trade.
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DeLay committee faces soft money questions in FEC audit
The FEC audit cites Americans for a Republican Majority Political Action Committee as potentially spending about $203000 in soft money from its nonfederal account on get out the vote and fundraising activities. Debts to 25 vendors totaling over $300000 were not reported, and several expenses included fundraising events across multiple states and venues. The DeLay ally said debts were paid and that all issues are accounting in nature.
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