Wednesday, January 19, 2022
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Business Highlights: Stocks recover from early fall

🕐 4 min read

The S&P 500 fell 15.19 points, or 0.6 percent, to 2,740.69. The Dow lost 125.98 points, or 0.5 percent, to 25,191.43. The Nasdaq slid 31.09 points, or 0.4 percent, to 7,437.54. The Russell 2000 index of smaller-company stocks gave up 12.91 points, or 0.8 percent, to 1,526.59.

U.S. crude fell 4.2 percent to settle at $66.43 per barrel. Brent crude, used to price international oils, dropped 4.2 percent to close at $76.44 per barrel. Heating oil slid 3 percent to $2.25 a gallon. Wholesale gasoline lost 3.7 percent to $1.84 a gallon. Natural gas gained 2.4 percent to $3.21 per 1,000 cubic feet.__


Stocks mostly recover from an early plunge on Wall Street

NEW YORK (AP) — A turbulent day on Wall Street ended Tuesday with stocks climbing nearly all the way out of a steep, broad sell-off that at one point erased more than 500 points from the Dow Jones Industrial Average. Even with the late-afternoon rebound, stocks extended the market’s recent string of declines, giving the benchmark S&P 500 index its fifth-straight loss. Bond prices rose, sending yields lower, as investors sought out safer investments


Trump refugee cuts slow resurgence of cities like Buffalo

BUFFALO, N.Y. (AP) — As the Trump administration throttles the flow of refugees into the United States and the president increases his anti-immigration rhetoric ahead of the midterm elections, cities like Buffalo, New York, that rely on the new arrivals are beginning to feel the pinch. Shops selling Ethiopian cuisine opened and employers have snapped up workers from Myanmar, Iraq and South Sudan. But over the past two years, the number of refugees has dropped from nearly 2,000 to just under 450.


China-US ties sinking amid acrimony over trade, politics

BEIJING (AP) — The White House’s move to expand Washington’s dispute with Beijing beyond trade and technology and into accusations of political meddling has sunk U.S.-China relations to the lowest level since the Cold War. Both are trading increasingly sharp accusations over human rights and global hegemony, exposing an ideological divide that pits the two on a path of confrontation with no clear resolution in sight.


iPhone XR makes the right trade-offs for a cheaper price

NEW YORK (AP) — Apple’s new iPhone XR is a budget choice over the top-of-the-line XS. You’re trading off a high-resolution screen and a better zoom camera for a savings of at least $250. It seems Apple made the right cost-cutting trade-offs, based on testing by The Associated Press. The XR starts selling Friday for about $750.


Facebook beyond Facebook? Instagram, Messenger step up

NEW YORK (AP) — Once minor apps like Instagram, Messenger and WhatsApp are now serving as Facebook’s safety net for a future that might not be dominated by its flagship service. And Facebook is working hard to ensure that Messenger and later, WhatsApp, become viable businesses, too. On Tuesday, Facebook announced a redesign of its Messenger app with the stated goal of making it simpler to use. But the redesign also makes it clear that messages from businesses — and ads — are becoming increasingly important.


Yahoo to pay $50M, other costs for massive security breach

SAN FRANCISCO (AP) — Yahoo has agreed to pay $50 million in damages and provide two years of free credit-monitoring services to about 200 million people in the U.S. and Israel whose email addresses and other personal information were stolen as part of the biggest security breach in history. The restitution hinges on court approval of a settlement filed late Monday in a two-year-old lawsuit seeking to hold Yahoo accountable for digital burglaries that occurred in 2013 and 2014, but weren’t disclosed until 2016.


Puerto Ricans fight for insurance money a year after Maria

DORADO, Puerto Rico (AP) — More than a year after Hurricane Maria, thousands of Puerto Ricans are fighting to settle claims from insurance companies teetering financially in the aftermath of the Category 4 storm. One major insurance company has already folded, leaving more than 1,500 claims worth a total of $70 million up in the air. Many worry other companies could soon follow as Puerto Ricans are forced to close businesses or sell homes to deal with their losses amid a 12-year recession.


Twitter removes accounts linked to Alex Jones, Infowars

Twitter says it has removed accounts linked to Alex Jones and Infowars. A Twitter spokesman confirmed Tuesday that the accounts had been removed. There was no additional comment from the company. Twitter permanently suspended @realalexjones and @infowars from Twitter and Periscope in early September.


Saudi forum highlights crown prince’s shifting fortunes

RIYADH, Saudi Arabia (AP) — A high-profile investment conference in Saudi Arabia has provided an early indication of Crown Prince Mohammed bin Salman’s shifting fortunes after the killing of Saudi writer Jamal Khashoggi. Top Western executives and officials withdrew from the conference after Saudi officials killed Khashoggi in their Istanbul consulate on Oct. 2, in circumstances that are still disputed. But Russian and Asian investors rushed in, pledging $50 billion in new deals.


Mnuchin announces sanctions against 9 individuals

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin says that the United States and six other Middle East countries are taking action to expose and disrupt terrorist activities being conducted by the Taliban and Iran to undermine the government of Afghanistan. Mnuchin says the seven countries have designated nine individuals associated with the Taliban and their Iranian sponsors for sanctions.


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