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Market finishes mixed...Oil prices head higher... US may be world’s top oil producer

September 12, 2018

NEW YORK (AP) — After wobbling between gains and losses, stocks have finished the day with a split decision as technology companies dropped, canceling out gains for energy companies. The S&P 500 index gained 1 point to 2,888. The Dow Jones Industrial Average rose 27 points to 25,998. But the tech-heavy Nasdaq composite fell 18 points to 7,954.

NEW YORKE (AP) — Oil prices are building on Tuesday’s gains after the Energy Information Administration said today that U.S. crude stockpiles fell by more than 5 million barrels last week. The prospect of tighter supplies and higher prices also helped energy company stocks. Benchmark U.S. oil climbed 1.6 percent to $70.37 a barrel in New York. Meanwhile, Brent crude, the standard for international oil prices, added 0.9 percent to $79.74 a barrel in London.

UNDATED (AP) — The United States may have reclaimed the title of the world’s biggest oil sooner than expected. The U.S. Energy Information Administration says America “likely surpassed” Russia in June and August after jumping over Saudi Arabia earlier this year. The agency says, however, that’s based on preliminary estimates. If those estimates are right, it would mark the first time in more than two decades that the U.S. has led in output.

WASHINGTON (AP) — The Federal Reserve’s latest survey of business conditions nationwide found rising concerns over the impact Trump administration trade policies could have on the economy. The Fed’s 12 regional banks said the economy is growing at a moderate pace although three districts — Philadelphia, St. Louis and Kansas City — depicted activity as below average.

NEW YORK (AP) — Verizon is replacing its media and advertising chief Tim Armstrong. He will be replaced by K. Guru Gowrappan who is currently president and COO. Former Google executive Armstrong was tasked with growing Verizon’s ad business in a challenge to Facebook and Google, but that business has been struggling and remains one of Verizon’s less profitable divisions.

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