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Wall Street woes continue ...Energy futures are down ... Trump makes trade moves with allies

May 18, 2019

UNDATED (AP) _ Stocks notched their second-straight weekly loss as investors were whipsawed by contradictory reports on the Trump administration’s array of trade fights. The S&P 500 fell 16 points to 2,859 on Friday. The Dow lost 98 points, closing at 25,764. The Nasdaq dropped 81 points to 7,816. And the Russell 2000 gave up 21 points to end trading at 1,535.

UNDATED (AP) _ Energy futures finished lower on Friday. Benchmark U.S. crude slipped 0.2% to settle at $62.76 per barrel in New York. Across the pond, Brent crude, the international standard, closed 0.6% lower at $72.21 per barrel in London. In other commodity futures, wholesale gasoline dropped 0.7% to $2.05 per gallon. Heating oil fell 1.3% to $2.10 per gallon. And natural gas lost 0.3% to $2.63 per 1,000 cubic feet.

WASHINGTON (AP) _ Bogged down in a sprawling trade dispute with China, President Donald Trump has taken steps to ease tensions with America’s allies — lifting import taxes on Canadian and Mexican steel and aluminum and delaying auto tariffs that would have hurt Japan and Europe. As part of the deal, the Canadians and Mexicans agreed to scrap retaliatory tariffs they had imposed on U.S. goods. That clears a key roadblock to a new North American trade pact.

ALBANY, N.Y. (AP) — China’s decision to restrict scrap imports created big challenges for U.S. recycling programs last year. But it has also spurred investment in plants that process recyclables no longer being shipped overseas. The investors include Chinese companies that still need access to wastepaper or flattened bottles as raw material for manufacturing. The nonprofit Recycling Partnership says about $1 billion in investment in U.S. paper processing plants has been announced in the past six months. And Chinese companies are investing in plastic and scrap metal recycling plants in Georgia, Indiana and North Carolina.

BOSTON (AP) _ Two major casino operators are in preliminary talks about the possible sale of one of the largest casinos in the Northeast. Wynn Resorts and MGM Resorts may reach a deal to sell Wynn’s Boston Harbor casino complex to MGM. This comes as Wynn is about to open another casino. Regulators levied a $35 million fine on Wynn Resorts last month after finding executives failed to disclose sexual misconduct allegations against company founder Steve Wynn.

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