Stocks take a dive...Oil futures fall... China stops buying Canadian canola seeds
UNDATED (AP) — Wall Street was roiled Friday by new signs that global economic growth is slowing. The jitters triggered a sell-off in stocks and sent bond yields sharply lower, flashing a possible recession warning. The wave of selling knocked 460 points off the Dow and gave the benchmark S&P 500 index its worst day since Jan. 3. The Russell 2000 index of smaller company stocks fell more than the rest of the market as traders offloaded risker assets.
WASHINGTO (AP) — Oil futures finished mostly lower on Friday. Benchmark U.S. crude oil slid 1.6 percent to settle at $59.04 a barrel in New York. And Brent crude fell 1.2 percent to close at $67.03 a barrel in London. In other energy futures trading, wholesale gasoline added 0.3 percent to $1.32 a gallon, heating oil dropped 1.1 percent to $1.97 a gallon and natural gas fell 2.4 percent to $2.75 per 1,000 cubic feet.
TORONTO (AP) — China has stopped all new purchases of Canadian canola seeds in what some see as retaliation for Canada’s arrest of a top executive of Chinese tech giant Huawei (WAH’-way). The Canola Council of Canada says exporters are reporting Chinese importers are unwilling to purchase the seeds at this time. Relations between both countries have been tense since Canada arrested Chinese tech executive Meng Wanzhou (muhng wahn-JOH’) in Vancouver in early December at the request of the U.S.
FLINT, Mich. (AP) — Tech billionaire Elon Musk surprised students by showing up at a school assembly in Flint, Michigan, and promising to take some of them for a tour of his Space X rocket factory in California. Musk also told the crowd of sixth- and seventh-grade students Friday that they’d all be getting free laptops. The Musk Foundation announced in December it was giving about $424,000 to help provide laptops as the city recovers from a lead-tainted water crisis.
NEW YORK (AP) — Papa John’s has a new pitchman: Shaquille O’Neal. The chain says the basketball Hall of Famer will appear on TV commercials and other ads. He will also join the company’s board of directors and invest in nine of its restaurants. Papa John’s is trying to revive its image after its founder was reported to have used a racial slur during a media training session. Papa John’s will pay O’Neal more than $8 million in cash and stock for a three-year deal.