Stocks dip...Oil prices fall... Argentina and IMF reach deal
NEW YORK (AP) — Stock indexes have dipped after the Federal Reserve took the latest step in its campaign to pull interest rates gradually higher. The S&P 500 fell 9 1/2 points, or 0.3 percent, to 2,905 after being up as much as 0.5 percent earlier in the day. The Dow Jones industrial average fell nearly 107 points, or 0.4 percent, to 26,385 and the Nasdaq composite lost 17 points, or 0.2 percent, to 7,990.
NERW YORK (AP) — Benchmark U.S. crude oil has fallen 1 percent to $71.57 per barrel in New York. At the same time, Brent crude, the international standard, lost 0.6 percent, to $81.34 in London. In other energy trading, wholesale gasoline fell 0.4 percent to $2.06 a gallon, heating oil slipped 0.2 percent to $2.30 a gallon and natural gas dropped 2 percent to $3.02 per 1,000 cubic feet.
BUENOS AIRES, Argentina (AP) — Argentina’ economy minister says the South American country has reached a revised lending agreement with the International Monetary Fund increasing the amount of a loan package. The economy minister says Argentina has secured an additional $7.1 billion in funding, in addition to the $50 billion in financing included in a deal worked out with the IMF in June after Argentina was battered by a currency crisis and double-digit inflation.
CHATTANOOGA, Tenn. (AP) — The former president of the largest U.S. fuel retailer has been sentenced to 12 ½ years in prison and fined $750,000 in a scheme to defraud trucking companies. The Knoxville News Sentinel reports U.S. District Judge Curtis Collier sentenced former Pilot Flying J President Mark Hazelwood to 150 months today. Hazelwood was convicted this year of conspiracy, wire fraud and witness tampering.
SAN FRANCISCO (AP) — A San Francisco official says a new $2 billion transit terminal that shut down over a cracked support beam has a second adjacent beam that also shows signs of cracking. Salesforce Transit Center executive director Mark Zabaneh says the facility would remain closed “at least through the end of next week” as inspections continue. Workers discovered the first crack early Tuesday while installing roofing tiles.