Stocks down...Oil prices drop... Fed raises key rate
NEW YORK (AP) — Stocks are down today. Investors are worried about weak retail sales and sinking oil prices sank. The S&P 500 slid 2 points to 2,437.. The Dow rose 46, to a record 21,374. Home Depot and Goldman Sachs contributed most of the blue-chip index’s gain. After a late tumble in technology stocks, the Nasdaq composite lost 25 points, closing at 6,194.
NEW YORK (AP) — Oil futures have plunged after the U.S. government reported that oil supplies shrank only slightly last week while gasoline stockpiles grew. Benchmark U.S. crude fell $1.73, or 3.7 percent, to settle at $44.73 a barrel in New York. Meanwhile, Brent crude, used to price international oils, shed $1.72, or 3.5 percent, to close at $47 a barrel in London.
WASHINGTON (AP) — The Federal Reserve is raising its key interest rate for the third time in six months, providing its latest vote of confidence in a slow-growing but durable economy. The Fed also announced plans to start gradually paring its bond holdings later this year to rise. The increase in the Fed’s short-term rate by a quarter-point to a still-low range of 1 percent to 1.25 percent could lead to higher borrowing costs for consumers and businesses.
WASHINGTON (AP) — Americans cut spending at gasoline stations, department stores and electronics shops in May. Retail sales registered their biggest drop in 16 months, a cautionary sign for the economy. The Commerce Department says retail sales dropped 0.3 percent, the first decline since February and the sharpest since a 1 percent decrease in January 2016. Over the past year, retail sales have risen a solid 3.8 percent.
ATLANTIC CITY, N.J. (AP) — Summer is nearly here, and Atlantic City’s casino operators are on a roll. The city’s casinos saw their gambling revenue increase by 4.3 percent in May compared with a year ago, to more than $229 million. And if the closed Trump Taj Mahal were removed from the equation, the seven surviving casinos would have posted a 12-percent increase last month. Online gambling revenue was up more than 27 percent in May to $21 million.