Stocks lower...Uber earnings loss...Deal in military fuel scheme
NEW YORK (AP) — A turbulent day of trading on Wall Street ended Wednesday with more losses. An early rally drove major indexes sharply higher but was gone by midday. The S&P 500 index fell 20.60 points, or 0.8 percent, to 2,701.58. The Dow Jones Industrial Average lost 205.99 points, or 0.8 percent, to 25,080.50. The Nasdaq composite dropped 64.48 points, or 0.9 percent, to 7,136.39. The Russell 2000 index of smaller companies gave up 12.30 points, or 0.8 percent, to 1,502.51. U.S. crude oil closed higher, ending a 12-day skid. It was above $56 per barrel. The dollar slipped against the yen and the euro.
SAN FRANCISCO (AP) — Uber’s net loss widened by $177 million in the third quarter as the ride-hailing giant continued to invest ahead of a planned initial public stock offering next year. The San Francisco company lost just over $1 billion from July through September, compared with an $891 million loss in the second quarter. While the company still struggles to make money, its ridership and revenue have kept growing, albeit slower than in previous quarters.
WASHINGTON (AP) — The Justice Department says three South Korean companies have agreed to pay $236 million to settle allegations they were part of a bid-rigging scheme that overcharged the U.S. military for fuel at bases in South Korea. Assistant Attorney General Makan Delrahim announced the settlement of the criminal and civil charges on Wednesday. The three companies, SK Energy Co. Ltd., GS Caltex Corporation, and Hanjin Transportation Co. Ltd., will pay about $82 million in criminal fines. They’ll also pay $154 million in civil damages.
WASHINGTON (AP) — European Union Trade Commissioner Cecilia Malmstrom says that the EU is preparing a target list of American products it will hit with punitive tariffs if the Trump administration goes through with its threat to impose tariffs on European auto imports. After meeting in Washington with U.S. Trade Representative Robert Lighthizer, Malmstrom reported no breakthroughs on resolving the auto dispute or the battle over tariffs the United States has already imposed on steel and aluminum imports.
LONDON (AP) — In a hard-won victory, British Prime Minister Theresa May persuaded her fractious Cabinet to back a draft divorce agreement with the European Union on Thursday, a decision that triggers the final steps on the long and rocky road to Brexit. But she faces a backlash from her many political opponents and a fierce battle to get the deal through Parliament as she tries to orchestrate the U.K.’s orderly exit from the EU.