Financial News

Tuesday, November 6th
November 5, 2018
AP-NC Newswatch
November 5, 2018
Financial News





AP-Midday BusinessMinute,398


Gains for energy companies … US sanctions on Iran take force … Supreme Court rejects net neutrality appeal


NEW YORK (AP) – U.S. stocks are trying to stay above water in early trading as gains for energy companies are offset by losses in other parts of the market. A big jump in natural gas prices was helping send energy companies higher in the early going today. EOG Resources climbed 4.5 percent. Technology companies continue to struggle as Apple fell 2.4 percent. At 10:48 a.m. Eastern Standard Time, the S&P 500 rose 1 point, to 2,724. The Dow climbed 93 points, to 25,363. And the Nasdaq slipped 88 points, to 7,269.


WASHINGTON (AP) – The Trump administration’s tough new sanctions on Iran took effect today but eight major importers of Iranian oil have been spared from immediate penalties. The sanctions target Iran’s energy, financial and shipping sectors and are aimed at crippling the country’s economy following President Donald Trump’s withdrawal from the 2015 nuclear deal. The U.S. will allow Greece, India, Italy, Japan, South Korea, Taiwan, Turkey and China to continue to purchase Iranian oil as long as they work to reduce imports to zero.


WASHINGTON (AP) – The Supreme Court has ended the court fight over repealed Obama-era “net neutrality” rules that required internet providers to treat all online traffic equally. The court today rejected appeals from the telecommunications industry seeking to throw out a lower court ruling in favor of the “net neutrality” rules. The Federal Communications Commission under President Donald Trump has rolled back the rules, but the industry also wanted to wipe the court ruling off the books.


NEW YORK (AP) – Amazon is following Target and temporarily dropping the minimum amount shoppers need to spend to qualify for free shipping. Typically, Amazon shoppers need to spend $25 to qualify for free shipping or pay $119 a year for a Prime membership. Amazon’s offer, which started today, applies to hundreds of millions of items and on orders that arrive in time for Christmas. Shoppers who aren’t Prime members will get slower shipping, though, which can take five to eight days.


NEW YORK (AP) – Verizon is undergoing a significant restructuring under new CEO Hans Vestberg, including its dominant wireless division, as it prepares to roll out its 5G technology. Three months after Vestberg took control, Verizon said today that the New York company will be organized into four groups at the start of the year: Consumer, Business, Media, and Global Network & Technology.



AP-WF-11-05-18 1552GMT