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Losing streak ends...Tax bite for millions coming...Facebook purges fake ads

July 31, 2018

NEW YORK (AP) — Stocks are closing solidly higher on Wall Street, breaking a three-day losing streak for the market. Industrial and health care companies led the gains. Bother 3M and Pfizer rose 3.5 percent. The Dow gained 108 points. The S&P rose 13 points. The Nasdaq climbed 41 points.

WASHINGTON (AP) — Congressional auditors say about 30 million people — 21 percent of U.S. taxpayers — will have to come up with more money to pay their taxes next year because their employers withheld too little from their paychecks under government tables keyed to the new tax law. New tax withholding tables for employers were put together by the government early this year. About 27 million taxpayers would have been affected even if the new law hadn’t been enacted. The changes, however, added 3 million to that number.

NEW YORK (AP) —The Department of Homeland Security is creating a center aimed at protecting banks, electric companies and other critical infrastructure against cyberattacks. Secretary Kirstjen Nielsen says the threat from cyberattacks now exceeds the danger of a physical attack against the U.S. by a hostile foreign group. She says the National Risk Management Center will work to quickly identify and address potential threats and improve safeguards across a range of industries.

NEW YORK (AP) — Facebook says it has uncovered “sophisticated” efforts, possibly linked to Russia, to influence U.S. politics on its platforms. The company said it removed 32 accounts from Facebook and Instagram because they were involved in “coordinated” political behavior and appeared to be fake. Nearly 300,000 people followed at least one of the accounts. Facebook stopped short of saying the effort was aimed at influencing the U.S. midterm elections in November, although the timing of the suspicious activity would be consistent with such an attempt.

NEW YORK (AP) — MoviePass, the discount service for movie tickets, is raising prices by 50 percent and barring viewings of most major releases during the first two weeks. The new $15-a-month rate for up to one movie each day still won’t make MoviePass profitable. That’s because it typically pays theaters the full cost of tickets — which can be $15 or more in big cities — a movie or two can put the service in the red. The old monthly rate was $10.

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