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Stocks indexes fall...US to ease safety rules on oil rigs... Facebook bans more people from its main service

May 2, 2019

MEW YORK (AP) — Stocks are broadly lower today after energy shares sank with the price of oil and some big technology and media names also tallied losses. The price of oil fell 2.8% to $61.81. The S&P 500 fell 6 points, or 0.2%, to 2,917. The Dow Jones Industrial Average lost 122 points, or 0.5%, to 26,307. And the Nasdaq fell 12 points, or 0.2%, to 8,036. The Russell 2000 index of smaller company stocks rose 6 points, or 0.4%, to close at 1,582.

WASHINGTON (AP) — Budget experts for Congress say the Trump administration’s plan to reduce out-of-pocket drug costs for Medicare beneficiaries will cost taxpayers another $177 billion from 2020-2029. The just released Congressional Budget Office analysis could dampen prospects for one of the administration’s centerpiece proposals to reduce drug costs.

PORT FOURCHON, La. (AP) — The Trump administration is easing safety rules adopted after the 2010 BP Deepwater Horizon blowout, the worst offshore oil disaster in U.S. history. The Interior Department is making the announcement in Port Fourchon, Louisiana, a hub of offshore drilling in the Gulf of Mexico. The rules pertain to procedures and inspections on oil rigs. Eleven people died in the April 2010 rig explosion, which ultimately released more than 3 million barrels of crude.

SAN FRANCISCO (AP) — Facebook has banned Louis Farrakhan, Alex Jones and others from its main service and from Instagram, saying they violated the company’s ban against hate and violence. Facebook has previously banned Jones from its flagship service, but not Instagram. Social media companies have been under pressure from civil rights groups to clamp down on hate speech on their services.

NEW ORLEANS (AP) — The owners of Louisiana’s The Advocate newspaper have purchased The Times-Picayune in New Orleans from Advance Local Media. The move comes seven years after the New Orleans community was stunned by news that The Times-Picayune would reduce its number of publication days and reduce staff.