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Business Highlights

By: The Associated Press, Associated Press
September 18, 2017 Updated: September 18, 2017 at 4:40 pm
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Fed likely to pare its bond portfolio even with outlook hazy

WASHINGTON (AP) — When the Federal Reserve meets this week, it's sure to take account of the economic consequences of two hurricanes. It will also be awaiting an announcement, possibly within weeks, about its own leadership. Amid the uncertainty, the Fed is expected to announce it will begin paring its enormous bond portfolio — a process likely to cause consumer and business loan rates to rise gradually over time.

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GOP eyes popular tax breaks to finance overhaul

WASHINGTON (AP) — Republicans straining to find about $1 trillion to finance sweeping tax cuts are homing in on two popular deductions that are woven into the nation's fiscal fabric. One is the mortgage interest deduction that millions of homeowners prize. The other is the deduction for state and local taxes popular in Democratic strongholds.

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US homebuilder sentiment falls in September

U.S. homebuilders are feeling less optimistic about their sales prospects, reflecting concerns that rebuilding efforts following hurricanes Harvey and Irma will drive up costs for construction labor and materials. Even so, builders' overall view of the new-home market remains positive. The National Association of Home Builders/Wells Fargo builder sentiment index released Monday slipped to 64 this month. That's down three points from a downwardly revised reading of 67 in August.

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Another major deal in defense sector as global tensions rise

FALLS CHURCH, Va. (AP) — Northrop Grumman is buying Orbital ATK for about $7.8 billion as activity in defense sector heats up amid rising global tensions. Earlier this month, United Technologies said it would pay $22.75 billion for defense contractor Rockwell Collins.

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AP Exclusive: Evidence of spills at toxic site during floods

PASADENA, Texas (AP) — The government received reports of three spills at one of Houston's dirtiest Superfund toxic waste sites in the days after Hurricane Harvey's drenching rains. Aerial photos reviewed by The Associated Press show dark-colored water surrounding the site as the floods receded, flowing through Vince Bayou and into a ship channel.

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Trudeau: Canada could stop dealing with Boeing over dispute

TORONTO (AP) — Canadian Prime Minister Justin Trudeau says his government could stop doing business with Boeing if it doesn't drop a trade complaint against Canadian plane maker Bombardier. Trudeau says that the country "won't do business with a company that's busy trying to sue us and put our aerospace workers out of business."

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Ryanair under pressure after messing up pilots' holidays

LONDON (AP) — Irish budget airline Ryanair is under pressure to provide more information to travelers after canceling up to 50 flights a day over the next six weeks because it "messed up" its pilots' holiday schedules. The carrier, Europe's biggest by passengers carried, said Saturday it would cancel the flights because it had "messed up in the planning of pilot holidays."

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Roku aims to raise $252 million with IPO

NEW YORK (AP) — Video streaming pioneer Roku hopes to raise just over $252 million in an initial public offering as it tries to expand into more households. The Los Gatos, California, company on Monday said it would offer about 18 million shares of stock at $14 apiece. Roku is still unprofitable and has amassed $244 million in losses since it was founded in 2002.

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Laura Ingraham joins Fox News evening lineup

NEW YORK (AP) — Fox News announces that Laura Ingraham will join its evening lineup of hosts at 10 p.m. starting next month. Meanwhile, Sean Hannity will move up an hour to 9 p.m. to take on Rachel Maddow. The panelist show 'The Five' is moving back to the late afternoons

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Banks lead US stocks modestly higher; oil prices slide

NEW YORK (AP) — Banks and other financial companies led U.S. stocks modestly higher Monday, nudging the stock market to another record high. The Standard & Poor's 500 index and Dow Jones industrial average closed at new highs as the market extended its gains from last week. The rise in bond yields also weighed on utilities, real estate companies and other bond-proxies. Big retailers like Amazon.com and Home Depot declined the most.

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The S&P 500 index rose 3.64 points, or 0.1 percent, to 2,503.87. The Dow gained 63.01 points, or 0.3 percent, to 22,331.35. Both indexes closed at record highs on Friday. The Nasdaq composite added 6.17 points, or 0.1 percent, to 6,454.64. The Russell 2000 index of smaller-company stocks picked up 9.37 points, or 0.7 percent, to 1,441.08.

Benchmark U.S. crude rose 2 cents to settle at $49.91 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, dropped 14 cents to $55.48 a barrel in London. Wholesale gasoline rose 1 cent to $1.67 a gallon. Heating oil fell 2 cents to $1.78 a gallon. Natural gas jumped 12 cents, or 4 percent, to $3.15 per 1,000 cubic feet.

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