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Down day on Wall Street...Oil prices slip ... Mnuchin: Trump interviewing candidates for Fed chair

October 12, 2017

NEW YORK (AP) — Stock indexes have retreated from their record highs as retailers and media companies declined today and investors shrugged at quarterly reports from a few big banks. The S&P 500 slipped 4.31 points to 2,550. The Dow lost nearly 32 points to 22,841 and the Nasdaq dipped 12 points to 6,591. Those three indexes closed at record highs Wednesday. Meanwhile, the Russell 2000 index of smaller-company stocks slumped over 1 point to 1,505.

NEW YORK (AP) — Oil futures are down today. Benchmark U.S. crude oil lost 70 cents, or 1.4 percent, to $50.60 a barrel in New York. At the same time, Brent crude, used to price international oils, fell 69 cents, or 1.2 percent, to $56.25 a barrel in London. Wholesale gasoline dipped 3 cents to $1.58 a gallon.

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin says President Donald Trump hopes to decide within a month whom he will choose to lead the Federal Reserve starting next year but is still going through the interview process. Trump said two weeks ago that he had had four meetings to interview potential nominees for Fed chair and expected to decide within two to three weeks. Mnuchin tells CNBC he’s participating in the interviews.

NEW YORK (AP) — A federal judge has refused to impose bail for an Adidas representative embroiled in a bribery scandal that’s thrown college basketball into turmoil. At a hearing today in federal court in Manhattan, prosecutors urged Judge Katherine Parker to require that James Gatto post $100,000 bond to keep his freedom. The judge instead continued the no-bail conditions set at an earlier court appearance in Oregon.

DOVER, Del. (AP) — Federal prosecutors say a former employee of a chemical company that spun off from the DuPont Co. in 2015 has been charged with conspiring to steal trade secrets and sell them to Chinese investors. An indictment unsealed this week accuses Chemours Co. ex-worker Jerry Jindong Xu of trying to steal information about sodium cyanide, a chemical used in mining. Chemours is the world’s largest producer of sodium cyanide.

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