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Investors skittish as US and China resume trade talks ...Oil prices drop... US regulators reject China Mobile’s application

May 9, 2019

UNDATED (AP) _ Stocks closed broadly lower on Wall Street today, extending the market’s slide into a fourth straight day, as investors braced for a possible escalation in the trade war between the U.S. and China. The S&P 500 fell 8 points, or 0.3%, to 2,870. The Dow dropped 138 points, or 0.5%, to 25,828. The Nasdaq slid 32 points, or 0.4%, to 7,910. And the Russell 2000 gave up 4 points, or 0.3%, to close at 1,570.

UNDATED (AP) _ Oil futures are down today. Benchmark U.S. crude dropped 0.7% to settle at $61.70 per barrel in New York. Meanwhile, Brent crude, the international standard, closed essentially flat at $70.39 per barrel in London. In other energy commodities trading today, wholesale gasoline ended little changed at $1.98 per gallon. Heating oil dropped 0.6% to $2.04 per gallon and natural gas slid 0.6% to $2.60 per 1,000 cubic feet.

WASHINGTON (AP) _ President Donald Trump says the United States was close to a trade deal with China, but then China tried to renegotiate. He says the Chinese wanted to come back to continue negotiations. He added that if it doesn’t work out, the U.S. has an “excellent” alternative. It plans to raise tariffs on $200 billion in Chinese goods from 10% to 25% at 12:01 a.m. Friday Eastern time. Negotiators have resumed trade talks in Washington.

NERW YORK (AP) _ U.S. communications regulators are rejecting a Chinese telecom company’s application to provide service in the U.S. due to national-security risks amid an escalation in tensions between the two countries. The Federal Communications Commission has voted unanimously, 5-0 across party lines, to reject China Mobile’s long-ago filed application. The Commerce Department had recommended that denial last year.

SAN FRANCISCO (AP) _ Uber is about to embark on a wild ride on Wall Street with the biggest and most hotly debated IPO in years. The world’s leading ride-hailing service has set the stage for its long-awaited arrival on the stock market by pricing its initial public offering at $45 per share . The price is at the lower end of Uber’s targeted range, but still leaves the company with a market value of $82 billion.