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Stock rally fades...Oil futures higher...Capitol Hill hearing on Facebook fines

May 8, 2019

UNDATED (AP) _ A modest rally faded in the last few minutes of trading on Wall Street today, leaving stocks slightly lower ahead of the latest round of trade talks between the U.S. and China. The S&P 500 index fell 4 points, or 0.2%, to 2,879. The Dow Jones Industrial Average inched up 2 points, or less than 0.1%, to 25,967. The Nasdaq composite dropped 20 points, or 0.3%, to 7,943. And the Russell 2000 index slid 7 points, or 0.5%, to 1,574.

UNDATED (AP) _ Energy futures finished higher today. Benchmark U.S. crude rose 1.2% to settle at $61.12 per barrel on the New York Mercantile Exchange. At the same time Brent crude, the international standard, added 0.7% to close at $70.37 in London. In other futures, wholesale gasoline gained 1.3% to $1.98 per gallon. Heating oil picked up 0.9% to $2.06 per gallon and natural gas rose 2.9% to $2.61 per 1,000 cubic feet.

WASHINGTON (AP) — As they negotiate a record fine against Facebook, federal privacy regulators sparked a debate in Congress today over how effective such penalties can be in preventing future abuses by big companies. Members of a House consumer protection subcommittee also have given a sympathetic hearing to the Federal Trade Commission’s request for greater powers and funding to police privacy.

LOS ANGELES (AP) _ California plans to ban a widely used pesticide that scientists say harms babies’ brains. State officials say they are banning chlorpyrifos after it was discovered to be more dangerous than previously thought. The decision comes after Hawaii and New York have taken steps to ban the pesticide. DowDuPont, which produces the pesticide, says it will hurt farmers who rely on it to control insects on crops such as grapes, almonds and oranges.

COLUMBIA, S.C. (AP) — With a proposal that would offer tax breaks to entice the Carolina Panthers to move their practice fields to South Carolina going down to the wire, owner David Tepper says he is fine with leaving them in North Carolina if he can’t get any public help. Tepper says his idea to build a new team headquarters and practice fields along with a larger sports complex must get economic incentives or it makes no sense.