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Wall Street woes...Oil prices inch higher...Trump ties to Saudis under scrutiny

October 13, 2018

NEW YORK (AP) — It’s been a bad week on Wall Street. Major U.S. stock indexes ended the week down about 4 percent, their worst weekly loss in six months. Investors have been spooked by the U.S.-China trade scuffle and a sharp increase in interest rates. Stocks did rebound on Friday. The S&P 500 index rose 1.4 percent to end a six-day losing streak. The Dow gained 1.1 percent and the Nasdaq jumped 2.3 percent.

NEW YORK (AP) — Oil futures finished the week slightly higher. Benchmark U.S. crude oil added 0.5 percent to $71.34 a barrel in in New York on Friday. At the same time, Brent crude, the international standard, picked up 0.2 percent to $80.43 a barrel in London. In other energy futures, wholesale gasoline rose 0.5 percent to $1.94 a gallon. Heating oil fell 0.5 percent to $2.32 a gallon and natural gas lost 1.9 percent to $3.16 per 1,000 cubic feet.

NEW YORK (AP) — President Donald Trump’s business ties with Saudi Arabia are under scrutiny following the disappearance of journalist and Saudi critic Jamal Khashoggi. Turkish officials say they have evidence that Khashoggi was killed in a Saudi consulate in Turkey. Global business leaders also are reassessing their ties with Saudi Arabia, stoking pressure on the Gulf kingdom to explain what happened to Khashoggi.

NEW YORK (AP) — Walmart says it’s buying online lingerie retailer Bare Necessities, the latest acquisition in its niche-brand buying spree. But Walmart has declined to disclose how much it’s paying. The retailer says Bare Necessities will remain as a stand-alone site. As part of the acquisition, Noah Wrubel, CEO and co-founder of Bare Necessities, will lead the intimates area for both Walmart.com and Jet.com, while also continuing to run Bare Necessities.

DETROIT (AP) — A nonprofit auto safety group is demanding that Hyundai and Kia recall 2.9 million cars and SUVs in the U.S. due to consumer complaints that they can catch fire. The Center For Auto Safety says there have been hundreds of complaints to the U.S. government since 2010. The complaints involve the 2011 through 2014 Kia Sorento and Optima and the Hyundai Sonata and Santa Fe. Also included is the 2010 through 2015 Kia Soul.

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