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Volatility continues on Wall Street ...Oil futures plunge... P&G to move some jobs from Iowa

February 7, 2018

NEW YORK (AP) — It’s been another shaky day for stocks. Indexes rallied in the morning, bobbed up and down for much of the day, then sank in the last few minutes of trading. Energy and technology companies led the way. The Standard & Poor’s 500 index fell 13 points to 2,681. The Dow Jones industrial average slid 19 points to 24,893 and the Nasdaq composite dropped nearly 64 points to 7,051.

NEW YORK (AP) — Energy companies fell today as oil prices sank. Benchmark U.S. crude dropped $1.60, or 2.5 percent, to $61.79 a barrel in New York. Brent crude, the international standard for oil prices, lost $1.35, or 2 percent, to $65.51 a barrel in London. That came after the U.S. government said oil production jumped last week, raising concerns about an increase in the supply of crude. Supplies of gasoline and diesel also rose.

IOWA CITY, Iowa (AP) — Procter & Gamble says it plans to cut 500 jobs over about two years at an Iowa plant as it shifts production to a new factory in West Virginia. The Press-Citizen reports that the Iowa City plant’s production of shampoos, conditioners and body washes will be transferred to the new plant in Tabler Station, West Virginia, by late 2020. Production of mouthwashes and toothbrushes will remain in Iowa City, along with about 700 jobs.

SAN DIEGO (AP) — A plea agreement that requires Dutch lender Rabobank to pay $369 million says the bank’s California subsidiary lied to regulators about efforts to prevent laundering of Mexican drug proceeds. It pleaded guilty today to one count of conspiracy to defraud the U.S. in the cover-up. The subsidiary acknowledges it handled at least $369 million in suspicious transactions from 2009 to 2012, mainly through border branches in Calexico and Tecate.

SAN FRANCISCO (AP) — Former Uber CEO Travis Kalanick says he regarded Google co-founder Larry Page as a “big brother” before the relationship between their two companies soured. Kalanick spoke today during testimony in a trial pitting Uber’s ride-hailing service against Google’s self-driving car spinoff, Waymo.

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