Financial News

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September 16, 2019
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September 16, 2019
Financial News

 

 

 

 

Wall Street lower … Oil prices spike … UAW says GM strike could have been prevented

NEW YORK (AP) – Stocks are lower this morning as oil prices spike following a weekend attack on major oil facilities in Saudi Arabia. At 10:37 a.m. Eastern Time, the S&P 500 was down 11 points, to 2,996. The Dow was down 146 points, to 27,073. And the Nasdaq was down 31 points, to 8,146. Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.86% from 1.90% Friday. That hurt bank stocks, with Citigroup dropping 1.2%.

 

NEW YORK (AP) – Oil prices have spiked following an attack on major oil facilities in Saudi Arabia over the weekend. The U.S. and international benchmarks for crude oil each rose around 10%. Shares of oil producers rose sharply, with ConocoPhillips gaining 6.5%. Companies in fuel-dependent industries fell. American Airlines dropped 4.5% and Royal Caribbean Cruises slipped 2.7%.

 

DETROIT (AP) – A top United Auto Workers official is telling General Motors that if the company had made its latest offer earlier, the union may not have gone on strike. The letter from UAW Vice President Terry Dittes (DIH’-tehz) to GM’s chief bargainer says the company waited to make the offer until two hours before the contract expired Friday night. More than 49,000 GM workers walked off their jobs early this morning. Contract talks resume today.

 

UNDATED (AP) – It will be up to a federal bankruptcy judge in White Plains, New York, to sort out what happens now with numerous lawsuits against the maker of OxyContin and the family that owns the drug company. Purdue Pharma filed for bankruptcy protection Sunday night, with the Sackler family saying it has “compassion for the victims of the opioid crisis.” The bankruptcy filing is part of a move to settle some 2,600 lawsuits mostly from state and local governments. But about half of the plaintiffs say they’ll refuse the settlement in bankruptcy court.

 

LUXEMBOURG (AP) – British Prime Minister Boris Johnson and European Commission President Jean-Claude Juncker have agreed to ramp up talks on securing an elusive Brexit deal, but the two sides have given starkly different assessments of how far apart they are. The two men held their first face-to-face talks in Juncker’s native Luxembourg amid claims from the U.K. – though not from the EU – that an agreement is in sight. Downing St. is calling today’s meeting “constructive.”

 

AP-WF-09-16-19 1439GMT