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Stock market gains ...oil prices move higher... Fed chair says economy is healthy

September 27, 2018

NEW YORK (AP) — After four days of modest losses, Apple and Amazon led the U.S. stock market to small gains today. Internet and health care companies rose while mining companies fell with metals prices. The S&P 500 index rose 8 points to 2,914. The Dow Jones Industrial Average gained over 54 points to close at 26,439. The Nasdaq composite climbed over 51 points to 8,041 and the Russell 2000 index dipped 1 points to 1,690.

NEW YORK (AP) — Oil prices edged higher today. Benchmark U.S. crude rose 0.8 percent to $72.12 per barrel in New York while Brent crude, used to price international oils, added 0.5 percent to $81.72 per barrel in London. Wholesale gasoline rose 1.2 percent to $2.08 a gallon. Heating oil gained 1 percent to $2.32 a gallon and natural gas rose 2.6 percent to $3.06 per 1,000 cubic feet.

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the economy is healthy and that the Fed’s steady interest rate increases are intended to prolong its expansion. Speaking to a group of business executives today, Powell said he and his colleagues believe the Fed’s approach to gradually raising rates from ultra-lows to historically normal levels “is helping to sustain this strong economy for the longer-run benefit of all Americans.”

DETROIT (AP) — U.S. securities regulators have filed a complaint against Tesla CEO Elon Musk alleging that he made false and misleading statements about plans to take the company private in August. The Securities and Exchange Commission says in the complaint filed today in federal court in Manhattan says that Musk had not discussed or confirmed key deal terms including price with any funding source.

NEW YORK (AP) — Amazon is expanding its physical presence again, this time opening a 4,000-square-foot store that sells a wide range of products, including shower curtains, Hallmark cards and baby bottles. The store, called Amazon 4-star, opened today in New York and will only offer Amazon.com’s best-selling items or those that get four or more star ratings on its website.

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