Wall Street bounces back ... Oil gains, gas prices up ... EPA: power plant pollution declines

Tuesday - 2/5/2013, 7:09pm EST

NEW YORK (AP) -- Stocks rallied today -- the market gaining back most of what it lost Monday. Following several strong earnings reports and a surge in home prices, the Dow rose 99 points to close at 13,979. It lost 129 points Monday. The S&P 500 rose 15 points to 1,511 and the Nasdaq was up 40 points to close at 3,171.

NEW YORK (AP) -- Gas prices are up again today and oil gained slightly. Benchmark oil rose 47 cents to finish at $96.64 a barrel. The average price for a gallon of gas rose a penny overnight to $3.53. The price at the pump has jumped 17 cents in the past week and 24 cents since the first day of the year.

BURBANK, Calif. (AP) -- Disney is reporting a 6 percent drop in quarterly earnings. It cites its ESPN network absorbing higher programming costs and the performance of its movie studio sagging. The downturn is less severe than analysts had predicted.

WASHINGTON (AP) -- A new Congressional Budget Office report says the federal deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office. The CBO says the government will run an $845 billion deficit this year, a modest improvement compared to last year's $1.1 trillion shortfall. The deficit will still require the government to borrow 24 cents of every dollar it spends.

WASHINGTON (AP) -- The Environmental Protection Agency says heat-trapping gases from U.S. power plants fell 4.6 percent in 2011 from the previous year as plants burned less coal, the biggest source of greenhouse gas pollution. The report says power plants remain the largest stationary source of carbon dioxide and other greenhouse gases that trigger global warming.

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