Sunday, October 17, 2021
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Business Highlights: Tough day on Wall Street

🕐 4 min read

The S&P 500 index slid 46.88 points, or 1.7 percent, to 2,658.69. The Dow dropped 296.24 points, or 1.2 percent, to 24,688.31. The tech-heavy Nasdaq composite lost 151.12 points, or 2.1 percent, to 7,167.21. The Russell 2000 index of smaller-company stocks gave up 16.58 points, or 1.1 percent, to 1,483.82.

Benchmark U.S. crude rose 0.4 percent to settle at $67.59 a barrel in New York. Brent crude, the benchmark for international oil prices, added 0.9 percent to close at $77.62 a barrel in London. Wholesale gasoline gained 0.1 percent to $1.82 a gallon. Heating oil jumped 1.1 percent to $2.30 a gallon and natural gas fell 0.5 percent to $3.19 per 1,000 cubic feet.__

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Stocks slump again; S&P 500, Dow back into red for year

NEW YORK (AP) — Stocks are back in the red for the year as another big slump rocks Wall Street. The latest plunge follows a rally the day before and comes at the end of an unusually turbulent week of trading. Longtime market favorites like Amazon led the way lower after reporting weak results. The S&P 500, the benchmark for many index funds, is down 9.3 percent from its September peak. Bond prices rose as investors sought less risky assets.

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US economy grew at strong 3.5 percent rate in Q3

WASHINGTON (AP) — The U.S. economy grew at a robust annual rate of 3.5 percent in the July-September quarter as the strongest burst of consumer spending in nearly four years helped offset a sharp drag from trade. The Commerce Department says the third quarter’s gross domestic product, the country’s total output of goods and services, followed an even stronger 4.2 percent rate of growth in the second quarter.

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Wall St.’s view: Despite solid US economy, dim profits ahead

WASHINGTON (AP) — The nerve-wracking anxiety that’s gripped the U.S. stock market might seem oddly unmoored from economic reality: Economic growth is strong, unemployment ultra-low and consumers exceptionally confident. Yet many investors are increasingly seized by fear, and their primary worry is the corporate profits — which drive stock market gains — are poised to weaken.

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Facebook removes Iran-linked accounts spreading false info

SAN FRANCISCO (AP) — Facebook says it has removed 82 pages, accounts and groups linked to Iran from its service and from Instagram for spreading misinformation. The company says the accounts were targeting U.S. and U.K. citizens and typically represented themselves to be American and in some cases British citizens. They posted about politically charged topics such as race relations and opposition to President Donald Trump.

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Trump says Twitter removed followers — but he’s gained them

NEW YORK (AP) — President Donald Trump is claiming that Twitter has removed “many people” from his account and that the company has “seemingly done something that makes it much harder to join.” But according to archived snapshots of his Twitter account, he has gained followers since the beginning of October. The company didn’t address Trump’s claim directly, but says “many prominent accounts” have seen follower counts drop as it works to remove malicious accounts and bots.

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What’s at stake as Italy plays chicken with markets, EU

MILAN (AP) — Italy is on a collision course with the European Union over its plans to spend big on social welfare and tax cuts. Despite repeated warnings that the spending boost will make it difficult to pay down Italy’s high debt, the country’s populists are refusing to back down. The risk is the dispute could revive investors’ dormant concerns about the country’s stability and the future of the euro.

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Watchdog looks to rescind crucial part of payday loan rules

NEW YORK (AP) — The Consumer Financial Protection Bureau is saying it will revisit a crucial part of the bureau’s regulations over the payday lending industry. The move by the Trump-controlled agency will likely make it more difficult to protect consumers from potential abuses if changed.

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NBC cancels Megyn Kelly’s show after blackface controversy

NEW YORK (AP) — NBC News says the “Megyn Kelly Today” show is being canceled. In a statement, the network news division said the show won’t return, a decision that follows fallout from Kelly’s on-air comments about blackface. NBC News says the hour that had belonged to Kelly will be hosted next week by other “Today” show co-anchors.

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GM proposes nationwide zero-emissions vehicle sales mandate

DETROIT (AP) — General Motors says it will ask the federal government for one national gas mileage standard, including a requirement that a percentage of auto companies’ sales be zero-emissions vehicles. GM, the nation’s largest automaker, will spell out the request Friday in written comments on a Trump administration proposal to roll back Obama-era fuel economy and emissions standards, freezing them at 2020 levels instead of gradually making them tougher.

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Trump administration squares off with drugmakers over plan

WASHINGTON (AP) — Less than two weeks before the midterm elections, President Donald Trump says he’s acting to lower some prescription drug prices. His plan is drawing the ire of drugmakers because it would tie what Medicare pays for some medications to lower prices paid overseas. Consumers shouldn’t look for immediate price cuts. The complex plan will take at least a year to put in place. And it doesn’t cover drugs you buy from a pharmacy, just ones administered in a doctor’s office.

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