AP news in brief
NEW YORK — The stock market is back. Five and a half years after the start of a frightening drop that erased $11 trillion from stock portfolios and made investors despair of ever getting their money back, the Dow Jones industrial average has regained all the losses suffered during the Great Recession and made a new high. By Business Writer Bernard Condon.
WALL STREET — The Dow has never been higher. The 30-stock index surges past its all-time high and keeps going. It climbs as much as 158 points early and reaches 14,286, breaking through its previous record high set in October 2007. The gains represent a remarkable comeback for the stock market.
BUDGET BATTLE-REPUBLICAN STRATEGY
WASHINGTON — Congressional Republicans’ unyielding stand against tax increases has caught President Barack Obama and his allies off guard, resulting in the spending-cuts-only approach to deficit reduction that Democrats most wanted to avoid. Instead of accepting some higher tax revenues to minimize automatic Pentagon cuts, Republicans seem more determined than ever to block tax increases on high incomes, whatever the political risk. And that has dimmed hopes for a broader deficit-cutting effort this year. By Charles Babington.
UNITED NATIONS — A U.S.-China draft resolution aimed at reining in North Korea’s nuclear and ballistic missile program would impose some of the toughest sanctions ever ordered by the United Nations, in a move that infuriated the regime and was certain to inflame tensions on the Korean Peninsula. By Edith M. Lederer and Ron DePasquale.
CHICAGO — What promises to be the biggest snow storm of the season is rolling through the Midwest just as residents were readying for spring. The storm promises to dump 10 inches of snow on Chicago, making up for the snow the city hasn’t received this winter, before it hits the East Coast. In the Upper Midwest, schools are closed, roads are slick and flights are canceled, leaving residents wondering what happened to the promise of an early spring.