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Stocks recover...US-China trade war effects... Oil prices edge higher

October 12, 2018

NEW YORK (AP) — Stocks have clawed back some of the ground they lost in a two-day rout but still suffered their biggest weekly loss in six months. Even with today’s moderate gains, major U.S. indexes lost about 4 percent for the week. A recent spike in interest rates has spooked investors. The S&P 500 rose 38 points, or 1.4 percent, to 2,767. The Dow climbed 287 points, or 1.1 percent, to 25,339 and the Nasdaq rose 167 points, or 2.3 percent, to 7,496.

BEIJING (AP) — With China and the United States opening the door to a meeting next month between Presidents Xi Jinping and Donald Trump, hopes are rising for a potential easing of tensions in the trade war between the world’s two largest economies. Worries about increased tariffs on each other’s goods have contributed to this week’s dizzying volatility in financial markets. The higher tariffs have elevated costs for companies in both countries.

NEW YORK (AP) —There is a slight rise in oil prices. Benchmark U.S. crude oil added 0.5 percent to $71.34 a barrel in in New York. Across the pond, Brent crude, the international standard, picked up 0.2 percent to $80.43 a barrel in London. In other energy futures, wholesale gasoline rose 0.5 percent to $1.94 a gallon. Heating oil fell 0.5 percent to $2.32 a gallon and natural gas lost 1.9 percent to $3.16 per 1,000 cubic feet.

NEW YORK (AP) — Facebook says the FBI is investigating a major security breach of its service, but the company says authorities asked it not to discuss who may be behind the attack. That suggests Facebook may know or suspect who’s behind the breach. When Facebook disclosed the breach two weeks ago. Facebook is disclosing for the first time that hackers accessed data from 29 million accounts. The exact number hadn’t been known before.

NEW YORK (AP) — Walmart says it’s buying online lingerie retailer Bare Necessities, the latest acquisition in its niche-brand buying spree. Walmart declined to disclose how much it’s paying for the company but says the deal will help deepen its expertise in the world of bras and shapewear. Walmart is aiming to attract younger, more affluent shoppers. Two years ago, it bought Jet.com and since then it’s been buying smaller online brands.

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