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S&P 500 in correction as stocks fall...Shoppers still flock to stores on Black Friday

November 23, 2018

NEW YORK (AP) — Stocks have closed lower in light trading in an abbreviated post-Thanksgiving session. The S&P 500 closed just over 10 percent below its most recent high, in what’s known on Wall Street as a correction. The S&P 500 index fell 17 points, or 0.7 percent, to 2,632. The Dow Jones Industrial Average dropped 178 points, or 0.7 percent, to 24,285. The Nasdaq composite fell 33 points, or 0.5 percent, to 6,938.

NEW YORK (AP) — Shoppers were up early and flocking to stores today, even though it would have been easier to turn on their computers and check out the Black Friday deals most retailers now offer online. Many shoppers said Black Friday shopping is as much about the spectacle as it is about doorbuster deals. Analysts expect Black Friday sales will be even bigger than a year ago.

WASHINGTON (AP) — Online shoppers may find they’re being charged sales tax at websites where they weren’t before, thanks to the Supreme Court. A June ruling gave states the go-ahead to require more companies to collect sales tax on online purchases. Now, more than two dozen have moved to take advantage of the ruling. Previously, the rule was that businesses selling online had to collect sales tax only in states where they had stores, warehouses or another physical presence.

MADRID (AP) — Some of Amazon’s workers in Europe are protesting against what they call unfair work conditions, in a move meant to disrupt operations on Black Friday. Labor groups representing workers at Amazon Spain said that around 90 percent of workers at a logistics depot near Madrid joined a walkout Friday. Amazon challenged the unions’ walkout figures, saying in a statement that most staff had turned up for work at the depot.

LONDON (AP) — Spain’s junior minister for the European Union says British authorities have consented to Spanish demands granting Madrid prior approval on matters relating to Gibraltar. Spain wants the future of the tiny territory to be a bilateral issue between Madrid and London, and has threatened to block a Brexit agreement unless its demands on Gibraltar are accepted. Gibraltar was ceded to Britain in 1713 but is still claimed by Spain.

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