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Stocks climb...Budget plan...Mitsubishi recall

October 5, 2017

NEW YORK (AP) — Stocks climbed again today, and the gain for the Standard & Poor’s 500 put the index on track for its longest winning streak in four years. Financial stocks led the way on expectations their profits will rise with interest rates. The S&P 500 rose nearly 13 points, or 0.5 percent, to 2,550, as of 1:35 p.m. Eastern time.

WASHINGTON (AP) — The House has passed a $4.1 trillion budget plan that promises deep cuts to social programs. The nonbinding budget’s chief purpose is to set the stage for a tax overhaul plan likely to add $1.5 trillion or so to the deficit over the coming decade. The tax overhaul is the party’s top political priority as well as a longtime policy dream of key leaders like Speaker Paul Ryan.

HARRISBURG, Pa. (AP) — Pennsylvania’s attorney general is accusing the nation’s largest student loan company of engaging in abusive practices. A lawsuit filed today alleges that Navient Corp. and subsidiary Navient Solutions LCC have improperly added billions of dollars in costs for borrowers.

DETROIT (AP) — Mitsubishi is recalling 66,000 cars for a second time to replace faulty Takata front passenger air bag inflators. The recall covers Lancer and Lancer Evolution models from 2004 through 2006. The cars were recalled in 2015 and inflators were replaced with identical Takata parts.

CHARLOTTE, N.C. (AP) — Dannon, the maker of Oikos yogurt, is cutting ties with spokesman Cam Newton. The move follows what the company perceives as “sexist” comments the Carolina quarterback made to a female reporter. Newton hasn’t issued an apology.

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