As year ends, so does Wall Street’s rally...Long lines but no new drone sightings at Gatwick
NEW YORK (AP) — After almost 10 years, Wall Street’s rally looks like it’s ending. Another day of big losses Friday left the U.S. market with its worst week in more than seven years. All of the major indexes have lost 16 to 26 percent from their highs this summer and fall. Barring huge gains during the upcoming holiday period, this will be the worst December for stocks since 1931. The Dow Jones Industrial Average sank 414 points on Friday, the Nasdaq lost 195 points and the S&P 500 index was down 51.
WASHINGTON (AP) — This weekend’s partial shutdown of the federal government has added another threat to a growing list of risks to America’s economic expansion, now in its 10th year. The stock market’s persistent fall, growing chaos in the Trump administration, higher interest rates, a U.S.-China trade war and a global slowdown have combined to elevate the perils for the economy. Gregory Daco, chief U.S. economist at Oxford Economics, said he thinks the underlying fundamentals for growth remain strong. But he cautions that the falling stock market reflects multiple hazards that can feed on themselves.
LONDON (AP) — London’s Gatwick Airport was plagued by long lines and flight delays Saturday but no new drone sightings. Check-in lines at stretched the length of the departures hall as harried travelers tried to make good on Christmas plans upended by three days of extended shutdowns caused by drones being spotted over the airfield. Two people have been arrested in connection with the drone invasion that shut down the country’s second-busiest airport.
SAN FRANCISCO (AP) — As automakers try to evolve into mobility companies, their cars are rapidly morphing into data-collection machines. It’s similar to what smartphones have already become as they suck up valuable personal information about the people using them. Driving internet-connected cars offers many benefits. It’s how safety features can be upgraded wirelessly and maintenance schedules adjusted based on performance. But it also could open the door to marketing pitches, privacy invasions and surveillance. A red flag has already been raised in China, where automakers have been sharing location details of connected cars with the government.
SACRAMENTO, Calif. (AP) — Pacific Gas & Electric says it’s open to “a range of solutions” that will make its energy system safer after California regulators said they will consider drastic measures, including breaking up the utility. The Northern California power company says its most important responsibility must be public and employee safety. The Public Utilities Commission on Friday outlined options it could take against PG&E in the wake of a deadly 2010 gas pipeline explosion and more recent concerns that PG&E equipment may have sparked the recent Camp wildfire that killed at least 86 people and destroyed close to 15,000 homes.