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Stocks broadly lower...Moore withdraws from Fed contention...House approves climate legislation

May 2, 2019

NEW YORK (AP) — Stocks are broadly lower in afternoon trading on Wall Street as technology and industrial companies turn lower. Fluor, a multinational engineering and construction company, plunged after reporting a big loss in the most recent quarter. Health care and energy companies were also lower along with media giants Disney and Comcast.

WASHINGTON (AP) — President Donald Trump says his pick for the Federal Reserve board, conservative commentator Stephen Moore, has decided to withdraw from contention. The decision comes amid controversy over Moore’s past writings about women. Moore had lost Republican support in the Senate, which would have to vote on a potential nomination.

WASHINGTON (AP) — The Democratic-controlled House has approved legislation that would prevent President Donald Trump from following through on his pledge to withdraw the U.S. from the 2015 Paris climate agreement while ensuring that the U.S. honors its commitments under the deal signed by former President Barack Obama. Although the bill falls short of the Green New Deal pushed by many Democrats, it’s the first significant climate legislation passed by the House in nearly a decade. It’s unlikely to move forward in the Senate.

PORT FOURCHON, La. (AP) — The Trump administration is easing safety rules adopted after the BP Deepwater Horizon offshore oil disaster back in 2010. The Interior Department released a final rule revision today affecting procedures and inspections for offshore oil rigs. Eleven people died in April 2010 when the drilling rig exploded, ultimately releasing more than 3 million barrels of crude.

HOUSTON (AP) — Exxon Mobil says it plans to spend $2 billion to expand a chemicals plant next to the Houston Ship Channel and that the project will create 2,000 temporary construction jobs. The company said Thursday it will build a new unit at the Baytown plant to make chemical compounds that give plastics more elasticity and flexibility, and produce ingredients used in engine and industrial oils. Exxon says the facility should begin operating in 2022.