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Stocks close higher ... World Bank downgrades global outlook ... Consumers borrowing more

January 8, 2019

NEW YORK (AP) — Stocks have closed broadly higher on Wall Street, giving the market its first three-day winning streak since late November. Technology, health care and industrial stocks led the way, and energy companies also did well as the price of crude oil rose for the seventh day in a row. The three major indexes each gained 1 percent or more, with the S&P 500 up 24 points, the Dow 256 and the Nasdaq 73.

WASHINGTON (AP) — The World Bank is downgrading its outlook for the global economy this year, citing rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries. The agency expects the world economy to grow 2.9 percent in 2019, down from the 3 percent it forecast back in June. It would be the second straight year of slowing growth.

WASHINGTON (AP) — The Federal Reserve says Americans slowed their pace of borrowing slightly in November, but it still grew by a robust $22.1 billion. Solid auto and student loans offset some of the decline in the category that covers credit cards. That November figure follows a $25 billion gain in October, which had been the biggest increase in 11 months.

BERLIN (AP) — German insurance company Munich Re says the Northern California wildfire that killed dozens of people and burned down the town of Paradise was the world’s costliest single natural disaster last year. The reinsurance giant says the November fire caused overall losses of $16.5 billion. Some $12.5 billion in losses were insured.

PORTLAND, Maine (AP) — A group of nine Democratic state lawmakers from different coastal states say they will use their coming legislative sessions to try to block attempts at offshore drilling off their states’ coasts. The announcement comes about a year after Trump’s administration announced plans to expand drilling. The lawmakers represent Connecticut, Georgia, Hawaii, Maine, Massachusetts, New Hampshire, New York, Oregon and Rhode Island.

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