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OPEC Reduces Oil Output By 4%
1The 11-nation cartel, ignoring high prices, opted to cut 1 mil barrels a day starting April 1. OPEC pumps roughly a third of the world's oil. Some Gulf producers sought a delay, but Saudi Arabia and some other big producers didn't. The White House called OPEC's move disappointing. Crude futures fell 49 cents to $35.76 a barrel on strong U.S. stockpile gains. More on this page
FASB Says Options Are Expenses
2In an expected move, the Financial Accounting Standards Board recommended that U.S. firms be required to treat employee stock options as income statement expenses. Under the rule, S&P 500 earnings per share would fall 7.4%. FASB plans public roundtable meetings to discuss the idea, strongly opposed by tech and some other business groups. More on this page
Midwest Factory Growth Slows
3The Chicago purchasers index was 57.6 in March vs. 63.6 in Feb. and Jan.'s 9 1/2-year high 65.9. Readings over 50 signal growth. The supplier delivery index hit a 9-year high, even as factories add inventories and shed a few workers. The prices paid index hit a 9-year high. Also, Feb. factory orders rose a weak 0.3%. See Vital Signs on A2
Iraqis Drag U.S. Bodies In Streets