AP news in brief

DOW RECORD

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.

UN-NORTH KOREA

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.

WINTER STORM

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.

Posted by Matt Echelberry on Mar 5 2013. You can follow any responses to this entry through the RSS Feed. Both comments and pings are currently closed.