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Stock market takes another hit...Fed rate increases draw fire... Oil prices drop again

October 11, 2018

NEW YORK (AP) — The stock market plunges for the second straight day. But the losses were not as bad as yesterday’s. The Dow fell 546 points, or 2.1 percent, to 25,052 and the S&P 500 dropped 57 points, or 2.1 percent, to 2,728. The Nasdaq fell 93 points, or 1.3 percent, to 7,329 and the Russell 2000 dropped 30 points, or 1.9 percent, to 1,545. Investors are concerned about rising interest rates and trade tensions.

WASHINGTON (AP) — This week’s dizzying sell-offs in the financial markets have been a rude reminder that the U.S. economy is no longer relying on ultra-low interest rates to fuel growth. Borrowing costs are rising for companies, homebuyers and the U.S. government — all of which could eventually dampen growth. Yet the climb in interest rates also reflects an economy that’s still managing to accelerate on the energy of an expansion now in its 10th year.

WASHINGTON (AP) — President Donald Trump is escalating his attack on the Federal Reserve’s interest rate increases, asserting that he thinks “the Fed is out of control” and blaming it for this week’s plunge in stock prices. As Trump put it: “It’s a correction that I think is caused by the Federal Reserve with interest rates.” He added, “We have interest rates going up at a clip that’s much faster than certainly a lot of people, including myself, would have anticipated.”

NEW YORK (AP) — Oil prices are continuing to fall. Benchmark U.S. crude dropped 3 percent to $70.97 a barrel in New York today, while Brent crude, the international standard, fell 3.4 percent to $80.26 a barrel in London. In other energy futures, wholesale gasoline lost 4.3 percent to $1.93 a gallon. Heating oil shed 2.6 percent to $2.33 a gallon and natural gas fell 1.9 percent to $3.22 per 1,000 cubic feet.

NEW YORK (AP) — Facebook says it’s purged more than 800 U.S. pages and accounts for spamming users with garbage links and clickbait. The social network accuses their backers of “coordinated inauthentic behavior” for setting up networks of pages and accounts designed to mislead users about who they are and what they’re doing. Facebook says the accounts spread “sensational political content” designed to drive people to ad-laden websites outside of Facebook.

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