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Stock market stalls...Oil futures down... FDA predicts drug shortages after hurricane Maria

October 6, 2017

NEW YORK (AP) — Stocks faded a bit from their record highs today after telecom and energy stocks sank. The loss for the S&P 500 was small, but it was the first in nearly two weeks. The index fell 2.74 points to 2,549. The loss meant the end of the longest winning streak for the S&P in four years. Meanwhile, the Dow slipped nearly 2 points to 22,773 and the Nasdaq added nearly 5 points to close at 6,590. All three indexes had closed at records on Thursday.

NEW YORK (AP) — Energy stocks were also among the market’s weakest today after the price of benchmark U.S. crude sank $1.50, or 3 percent, to settle at $49.29 per barrel in New York. It’s the fourth drop for oil in the last five days. At the same time, Brent crude, the international standard, lost $1.38, or 2.4 percent, to $55.62 per barrel in London. Meanwhile, wholesale gasoline lost 5 cents to $1.56 per gallon on the commodities market.

UNDATED (AP) — The Food and Drug Administration says drug shortages are possible because of expected long-term power outages in Puerto Rico following hurricane Maria. Factories in Puerto Rico make nearly 10 percent of the medicines used by Americans, plus numerous medical devices. FDA Commissioner Dr. Scott Gottlieb says that the agency is working to prevent shortages of about 40 medicines. He didn’t name the medicines involved.

WASHINGTON (AP) — America’s biggest business group is warning the Trump administration that a withdrawal from the North American Free Trade Agreement would be a “political and economic debacle” that would cost hundreds of thousands of U.S. jobs. John Murphy, a senior official with the U.S. Chamber of Commerce, says the chamber would work to rally support for the trade deal and against the administration’s hardline demand for concessions from Canada and Mexico.

WASHINGTON (AP) — The Commerce Department is imposing more duties on Canada’s Bombardier C series aircraft, charging that the Canadian company is selling the planes in America below cost. The 80 percent duty comes on top of duties of nearly 220 percent Commerce announced last month. The case is a victory for U.S. rival Boeing. Bombardier can appeal the sanctions. The Canadian government can also take the case to the World Trade Organization.

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