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Market likes the news...Oil futures drop...Wells Fargo: Mistake contributed to hundreds of foreclosures

August 4, 2018

NEW YORK (AP) — Solid hiring in July and strong quarterly earnings have boosted the stock market. The government says U.S. employers added 157,000 jobs last month, and more jobs were added in May and June than previously reported. The S&P 500 rose 13 points to 2,840 on Friday. The Dow gained 136 points to close at 25,462. And the Nasdaq rose 9 points to 7,812. But the Russell 2000 index lost 8 points, to end up at 1,673.

NEW YORK (AP) — Oil prices are down slightly. Benchmark U.S. crude lost 0.7 percent on Friday to close at $68.49 a barrel in New York. Across the pond, Brent crude, used to price international oils, dipped 0.3 percent to $73.21 per barrel in London. Meanwhile, wholesale gasoline slipped 0.1 percent to $2.07 a gallon. Heating oil fell 0.2 percent to $2.13 a gallon and natural gas rose 1.3 percent to $2.85 per 1,000 cubic feet.

CHARLOTTE, N.C. (AP) — Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers’ eligibility for mortgage modifications. The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 of the cases. The customers had been using federal programs that helped families at risk of losing homes. The bank said it set aside $8 million this year to help the affected customers.

NEW YORK (AP) — The real estate company run by White House adviser Jared Kushner’s family has signed a deal to lease the office space at its money-losing Manhattan skyscraper known as 666 Fifth Avenue. The Canadian firm Brookfield Asset Management says it has signed a 99-year lease at the Kushner Cos.′ tower. The building has been losing money since Jared Kushner bought it for a record $1.8 billion in 2007. A $1.2 billion mortgage is coming due next year.

PIGEON FORGE, Tenn. (AP) — Dolly Parton’s Dollywood amusement park has announced a $37 million expansion with rides, a restaurant and live entertainment. It’s called Wildwood Grove and is planned to open next year. In 2013, the company committed to spend $300 million over a 10-year period. The expansion will include six ride attractions, featuring a suspended family roller coaster. There will also be various indoor and outdoor play areas for families.

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