A tonic for Wall Street...Oil prices rise...CBO report on president's budget

NEW YORK (AP) — Encouraging news about the U.S. economy extended the stock market's rally today. A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering. The Dow rose 121.18 points, or 0.8 percent, to 15,354.40. The index gained 1.6 percent for the week and is up 17.2 percent for the year. The S-and-P 500 index rose 15.65 points, or 1 percent, to 1,666.12. The gauge is up 2 percent this week and has gained 16.8 percent this year.

NEW YORK (AP) — The price of oil rose to $96 a barrel on Friday on hopes that a steady recovery in the U.S. economy could boost fuel use. Benchmark oil for June delivery rose 86 cents to close at $96.02 a barrel on the New York Mercantile Exchange. But even with three straight days of gains, oil finished the week down 2 cents.

WASHINGTON (AP) — The nonpartisan Congressional Budget Office says President Barack Obama's budget would trim projected federal deficits by $1.1 trillion over the coming decade, using nearly $6 in higher revenues for every $1 in reduced spending to achieve it. After four straight years of annual shortfalls exceeding $1 trillion, the CBO report said Obama's budget would push this year's deficit down to $669 billion. The report says annual shortfalls would shrink slowly to $399 billion in 2017 before rising again.

WASHINGTON (AP) — Legislation cleared the House today that would place stricter requirements on the federal agency overseeing Wall Street to assess the costs and benefits of its regulations before they are issued. The bill passed on a 235-161 vote mostly on party lines. It was the latest salvo against the Securities and Exchange Commission by House Republicans. The bill isn't expected to get a vote in the Senate.

LOS ANGELES (AP) — A Los Angeles doctor was sentenced today to 14 years in federal prison for bilking patients out of more than $1 million by promising them that an herbal supplement she hawked could cure late-stage cancer and other diseases. The judge also ordered Dr. Christine Daniel to forfeit nearly $1.3 million. Daniel was found guilty of 11 counts, including wire fraud, tax evasion and witness tampering in September 2011.

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