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Downer on Wall Street...Oil prices drop... Musk appears to taunt SEC on Twitter

October 4, 2018

NEW YORK (AP) — Stocks are down today as interest rates in the continue to rise. Internet and technology companies took some of the worst losses. The S&P 500 index skidded nearly 24 points, or 0.8 percent, to 2,901.. The Dow Jones Industrial Average lost almost 201 points, or 0.7 percent, to close at 26,627. The Nasdaq composite fell 145 ½ points, or 1.8 percent, to 7,879. And the Russell 2000 index gave up 24 points, or 1.5 percent, to end the day at 1,646.

NEW YORK (AP) — Oil prices have dropped. Benchmark U.S. crude slid 2.7 percent today to $74.33 per barrel in New York. U.S. crude hit four-year highs this week. Meanwhile, Brent crude, used to price international oils, lost 2 percent to $84.58 per barrel in London. In other commodity futures, wholesale gasoline lost 1.7 percent to $2.10 a gallon. Heating oil slipped 1.5 percent to $2.40 a gallon and natural gas fell 2 percent to $3.17 per 1,000 cubic feet.

SAN FRANCISCO (AP) —Tesla CEO Elon Musk is apparently taunting the government agency that accused him of duping investors just days after negotiating a settlement to keep his job. Musk jabbed the Securities and Exchange Commission on his Twitter account, the agency that went after him for declaring he had secured financing for a Tesla buyout. Musk praised the “Shortseller Enrichment Commission” for “doing incredible work.” Short sellers are investors who bet on a stock’s decline.

TOLLESON, Ariz. (AP) — An Arizona company has recalled more than 6.5 million pounds of beef that could be contaminated with salmonella. An investigation traced products including ground beef and beef patties to JBS Tolleson, Inc. Federal officials say the raw beef was packaged between July 26 and Sept. 7 and shipped to retailers nationwide, including Walmart. Officials say an epidemiological investigation has identified 57 people from 16 states who have become ill.

SAN FRANCISCO (AP) — Thousands of housekeepers, cooks and other workers at Marriott-affiliated hotels went on strike in San Francisco and San Jose today after months of negotiations for job security, a wage increase and what unions call work overloads. About 2,500 hotel workers were picketing outside at least seven hotels in downtown San Francisco, the heart of the city’s tourist area. The strike comes at the height of the busy convention season.

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