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Stocks recover from big early loss...Oil prices continue to fall... Pelosi cast doubt on new US-Canada-Mexico trade pact

December 6, 2018

UNDATED (AP) — Stocks clawed most of their way back from a deep slide earlier today that at one point had wiped out the market’s gains for the year-- more than 700 points. But at the end of trading, the Dow was down only 79 points, or 0.3 percent, closing at 24,947. The S&P 500 fell 4 points, or 0.2 percent, to 2,695. The Nasdaq finished with a gain of 29 points, or 0.4 percent, to 7,188. While the Russell 2000 lost 3 points, or 0.2 percent, closing at 1,477.

UNDATED (AP) — Oil prices fell sharply today as traders appeared to doubt that an expected production cut by OPEC will be enough to boost the price of crude. OPEC countries gathered in Vienna today to find a way to support the falling price of oil. Benchmark U.S. crude dropped 2.6 percent to settle at $51.49 a barrel in New York today. Meanwhile, Brent crude, used to price international oils, slid 2.4 percent to close at $60.06 per barrel.

WASHINGTON (AP) — House Democratic leader Nancy Pelosi is suggesting Congress may not pass the new trade agreement reached by the United States, Canada and Mexico if labor and environmental provisions are not strengthened. Pelosi says “there are positive things in this proposed trade agreement,” but it doesn’t include “real enforcement of the labor and environmental protections.”

UNDATED (AP) — Fiat Chrysler will open another assembly plant in the Detroit area, according to a person familiar with automaker’s plan. The plant will produce SUVs, which are a growing share of the U.S. vehicle market. Fiat Chrysler’s decision comes as other automakers are retrenching; General Motors plans to lay off 14,000 people. The Detroit News reports the company plans to reopen a former engine plant on the city’s east side to build the SUVs.

DOVER, Del. (AP) — There’s no guarantee that four former executives of the only financial institution to be criminally charged in connection with the federal bank bailout program will be sentenced to prison for fraud. But even if a judge orders prison time for the former Wilmington Trust officials later this month, prosecutors say they won’t oppose the defendants’ requests to be allowed at least two months, possibly more, to “self-surrender” to prison.

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